By Modupe Gbadeyanka
The Nigerian Stock Exchange (NSE) on Friday, May 3, 2019 listed additional shares of Mutual Benefits Assurance Plc on its trading platform.
Business Post gathered that the company raised additional shares of 3,172,733,508 ordinary shares of 50 kobo each at 50 kobo each.
The new shares were created by the firm from its Rights Issue of four billion ordinary shares of 50 kobo each at 50 kobo per share on the basis of two new ordinary shares for every 4 ordinary shares held as at November 1, 2017. The exercise was 79.3 percent subscribed.
With the listing of the new 3,172,733,508 ordinary shares, the total issued and fully paid up shares of Mutual Benefits Assurance Plc has now increased from 8 billion to 11.172 billion ordinary shares.
Business Post reports that the board of Mutual Benefits Assurance had planned to raise N2 billion from the rights issue to fund the company’s five-year strategy plan, part of which is the recapitalisation and expansion of its operations.
The exercise commenced on August 6, 2018 and wrapped up on Friday, September 14, 2018.
Mutual Benefits Assurance provides insurance coverage across several sectors including aviation, oil and gas, marine cargo and hull business and other non-life insurance underwriting, including motor, fire and special perils, goods-in-transit, engineering insurance, retail and micro insurance, amongst others.
Shares of the company traded flat on the floor of the NSE on Friday at 22 kobo per unit.
