SUNU Assurances targets N9.3bn capital from existing shareholders

SUNU Assurances Nigeria Plc has informed its shareholders that the Board of Directors (the Board) at its meeting held on Monday, February 9 considered and approved a capital raise of up to N9.338 billion by way of Rights Issue to its existing shareholders.

The Board also resolved among others that the share capital of the Company be increased from N2.905billion divided into 5.810 billion ordinary shares of 50 kobo each to N3.943billion divided into 7.886billion ordinary shares of 50 kobo each by the creation of 2.075billion new ordinary shares of 50 kobo each.

The new shares will be issued by way of Rights Issue on the basis of five (5) new ordinary shares for every fourteen (14) ordinary shares of 50 kobo each previously held by the shareholders whose names appear in the Company’s’ Register of Members on the qualification date at N4.50 per share (being the date on which an application for the approval of the Rights Issue is submitted to NGX ) be and is hereby approved, subject to obtaining the approval of the relevant regulatory authorities.

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Among others, the Board noted that the entry by the Company into the Rights Issue on the terms set out is in the best interests of the Company.

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ByIheanyi Nwachukwu

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.