Sunu Assurances begins share capital reconstruction

Sunu Assurances Nigeria Plc through its stockbroker, FSDH Securities Limited, has submitted an application to the Nigerian Stock Exchange (NSE) for share capital reconstruction.

Dealing Members of the Exchange were notified that this follows the special resolutions passed by the shareholders of Sunu Assurances Nigeria Plc at the Extra-Ordinary General Meeting (EGM) held on March 9, 2020.

The share capital reconstruction will result in the cancellation of four (4) existing ordinary shares out of every five (5) ordinary shares of Sunu Assurances Nigeria Plc held by its existing shareholders.

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The total number of issued ordinary shares post the capital reconstruction exercise will be 2.8billion ordinary shares of 50kobo each while a total of 11.2billion ordinary shares of 50kobo each will become canceled and unissued.

The Qualification Date for the capital reconstruction was Friday, October 16, 2020, while trading in the Company’s shares will be placed on suspension effective Monday, October 19, 2020.

Iheanyi Nwachukwu

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.