Dealing members of the Nigerian Stock Exchange (NSE) were on Friday September 20 notified that Wapic Insurance Plc through its stockbroker, Coronation Securities Limited, submitted an application to the Exchange for the approval and listing of a Rights Issue of 15,613,194,623 ordinary shares of 50kobo each at 38kobo per share.

The Rights Issue will be on the basis of 7 new ordinary shares for every 6 ordinary shares held. The qualification date for the Rights Issue was Thursday September 19, 2019.

The Right Issue is coming at a premium price when compared with 37kobo which it closed on September 19. Though, Wapic Insurance Plc share price had reached a 52-week high of 47kobo and a 52-week low of 33kobo.

Shareholders of Wapic Insurance Plc had ahead of National Insurance Commission’s (NAICOM) June 30, 2020 deadline for firms to comply with its new capital regime, given the company approval to increase its capital base to N15 billion from the current N8.5 billion level.

Related News

The insurance company’s unaudited interim financial statements for the half year (H1) period ended June 30, 2019 shows the Group’s gross written premium increased to N8.66billion as against N6.96billion in the corresponding half year period of 2018.  Gross Premium income stood higher at N7.88billion in H1’2019 from N5.45billion in H1’2018. However, the group’s underwriting profit printed lower at N1.261billion in H1’19 from N1.32billion in H1’18.

Wapic Insurance Plc together with its subsidiaries (the Group) is a public liability company domiciled in Nigeria with operations in Nigeria and Ghana. In incorporated on March 14, 1958 as a private limited liability Company under the name of West African Provincial Insurance Company Limited, the company became a public limited liability company in 1990 when its shares were listed on the Nigerian Stock Exchange.

 

Iheanyi Nwachukwu

More from our Markets Column
Read Next
Equities

Equities shed N40bn in one week

By Iheanyi Nwachukwu • September 20, 2019

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.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp