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Prestige Assurance eyes N6.81bn as Rights Issue opens

The acceptance list for the Prestige Assurance Plc Rights Issue of 13,635,796,006 ordinary shares at 50kobo per share opened on Monday August 10. The company is shopping for about N6.81billion from its existing shareholders, the Rights Issue will close on Thursday September 17, 2020.

Prestige Assurance Plc Rights Issue is on the basis of 38 new ordinary shares for every 15 ordinary shares held by existing shareholders.

The ongoing 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 general insurance business in Nigeria of N10 billion in admissible 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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