The Nigerian Stock Exchange (NSE) has listed an additional 2.03 billion ordinary shares of Consolidated Hallmark Insurance Plc on the daily official list.
The NSE, in a notice to the dealing members, stated that the additional shares listed on the Exchange arose from the company’s rights issue of 2.03 billion ordinary shares of 50 kobo each at 52 kobo per share on the basis of one new ordinary shares for every four ordinary shares held as at February 3, 2020.
The Head, Listings Regulation Department, NSE, Godstime Iwenekhai, who signed the notice remarked that the rights issue was 100 per cent subscribed.
“With this listing of the additional 2,032,500,000 ordinary shares, the total issued and fully paid-up shares of Consolidated Hallmark Insurance Plc has now increased from 8,672,000,000 to 10,704,500,000 ordinary shares of 50 kobo each,” the NSE said.
The insurance firm said recently that it was committed to actualising the new capital base for general insurance business by June 2020.
The Company’s Managing Director/Chief Executive Officer, Mr Eddie Efekoha, said the company would stick to the old timeline of June deadline, not the current deadline of December.
He disclosed that the rights issue would enable the company to meet the new capital requirement and noted that the proceeds of the issue would be applied towards investment in the company’s subsidiary, expansion of the retail business platform and working capital enhancement.
According to him, the shares being issued shall qualify for any dividend (or any other distribution), as long as the qualification date for the dividend (or any other distribution) declared is after the allotment of the ordinary shares being issued.