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.
READ ALSO: Prestige Assurance eyes N6.81bn as Rights Issue opens
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.
