Prestige Assurance targets N6.8bn from ongoing Rights Issue

Last updated: September 30, 2020 10:59 am

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Prestige Assurance Plc is currently in the market shopping for about N6.81billion from its existing shareholders in Rights Issue which opened Monday, August 10 till Thursday, September 17, 2020.

The insurer’s Rights Issue of 13,635,796,006 ordinary shares at 50 kobo each is on the basis of 38 new ordinary shares for every 15 ordinary shares held by existing shareholders.

The Rights Issue is part of Prestige Assurance’s recapitalisation strategy in response to the regulatory directive from the National Insurance Commission (NAICOM) and path towards the implementation of the company’s medium-term strategy.

NAICOM has mandated a minimum recapitalisation for the general insurance business in Nigeria of N10 billion inadmissible Share Capital by September 2021 and with this, the firm has said it intends to prosecute towards becoming a top industry player over the medium term of 5 to 7 years.

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ByIheanyi Nwachukwu

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Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. 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).