By Adedapo Adesanya
NASD Over-the-Counter (OTC) Securities Exchange has announced the full suspension of trading of Allianz Nigeria Insurance Plc shares on its platform.
This was disclosed in a notice released by the bourse yesterday, where it confirmed that the last trading date of the underwriter’s securities on its platform was Tuesday, November 10, 2020.
This means the shares of Allianz Insurance has been placed on full suspension from now on.
The reason for the action was to allow the conclusion of the sale of the company’s stocks held by shareholders.
“Further the appointment and application of Stanbic IBTC Stockbrokers Limited as the stockbroker to the transaction, proposed scheme of arrangement between Allianz Nigeria Insurance Plc and the holders of its fully paid ordinary shares of 50 kobo each.
“We wish to inform you of the following: last trading date of Allianz Nigeria Insurance Plc on NASD OTC Securities Exchange will be Tuesday, November 10, 2020.
“And subsequently the shares would be placed on a full suspension at close of business, Tuesday, November 10, 2020, in lieu of the transaction,” a notice from the exchange noted.
The Allianz Group is one of the world’s leading insurers and asset managers with more than 88 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance.
Allianz is one of the world’s largest investors, managing over 660 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional €1.4 trillion of third-party assets.
Due to its systematic integration of ecological and social criteria in business processes and investment decisions, it holds the leading position for insurers in the Dow Jones Sustainability Index. In 2017, over 140,000 employees in more than 70 countries achieved total revenue of €126 billion and an operating profit of €11 billion for the group.
In Africa, Allianz is currently present in 17 countries and accompanies clients in 39 countries. Its 1,500 employees achieved regional revenues of 630 million euros in 2017. Allianz also provides micro-insurance for 500,000 low-income families and individuals on the continent.
Dipo Olowookere