Cornerstone Insurance Plc has informed its esteemed shareholders, stakeholders, the Nigerian Stock Exchange (NSE) and the general public that at the Board Meeting of the Company held on July 22, 2020, the Board approved the transfer of N1.718billion from the Company’s share premium account to the share capital account.
The company will do this by issuing bonus shares of 7 new shares of 50 kobo each for every 30 existing shares of 50 kobo each to achieve the Company’s recapitalisation plan. The issuance of bonus shares to shareholders of the Company is subject to the approval of the shareholders at the Annual General Meeting of the Company.
The Board considered and approved the unaudited financial statements for the second quarter ended June 30, 2020. The approved unaudited financial statements for the 2020 second quarter will be filed with the Nigerian Stock Exchange and the Securities and Exchange Commission (SEC) on or before July 30, 2020 and published to the general public.
Cornerstone Insurance Plc sells life and non-life insurance products in Nigeria. The Company provides accident, sickness, motor, fire, burglary, equipment and life insurance products. Cornerstone also offers investment and pension plans.