LAGOS- Mr. Mohammed Kari, the Managing Director of Unity Kapital Assurance Plc, says the company plans to raise N14 billion from the capital market.
He said this would be after the company’s shares had been listed on the Nigerian Stock Exchange.
Kari made the announcement Tuesday in Lagos at a media launch to rebrand the company from Kapital Assurance to Unity Kapital Assurance Plc.
He said N13 billion of the N14 billion had been realised through its private placement and Right issues.
Kari said under the consolidation exercise,the company’s shares had grown from N3.5 billion to N14 billion.
He said N12.35 billion of the amount had been fully paid for, while the remaining N650 million would be issued for sale on the Nigerian Stock Exchange soon.
The Managing Director said the N650 million represented the 5 per cent listing required by the regulatory authorities to be traded on the floor of the exchange.
He said it was necessary for the company to be listed on the NSE to ensure good governance and investors’ confidence.
Kari said the price of the shares would be announced to the public after it received the relevant approvals by the authorities.
Reports say that Unity Kapital Assurance is the outcome of the merger of some insurance companies.
They are Kapital Insurance Company Ltd, Inter-Continental Assurance Company Ltd and Global Commerce and General Assurance Company Ltd.