Stakeholders of one the leading insurers in Nigeria, Consolidated Hallmark Insurance (CHI Plc) have affirmed their support for, and confidence in the operations of the organisation with a 100.09 per cent subscription of the recent Rights Issue set out to raise N500million for business expansion.
The company, in the first phase of its capital raise exercise, offered one new share for every six held by its existing shareholders in the 1,000,000,000 units Rights issue, which opened October 16th and closed November 22nd, 2017.
With the very successful rights issue and the resultant increase in its working capital, plans are already afoot to further expand operations and broaden its income streams. This is evidenced by the recent establishment of a Health Maintenance Organisation subsidiary, Hallmark HMO, and the deployment of a new user-friendly transaction based website in a bid to deepen its retail footprints.
The Basis of Allotment of the Rights Issue subscription, as approved by the Securities and Exchange Commission (SEC), shows that there were no traded rights on the floor of the Nigerian Stock Exchange during the offer period, as 100 per cent of applications complied with the terms of the offer.
In his reaction to the success of the offer, Managing Director/CEO of the Company, Eddie Efekoha, who is also the chairman of the Nigerian Insurers Association, called on members of staff to see the expression of confidence in the company’s activities by shareholders as a call for even greater dedication to duty.
Source: Guardian
