Consolidated Hallmark Insurance (CHI) Plc. has notified dealing members at the Nigerian Stock Exchange of a rights issue of its 1,000,000,000 ordinary shares of 50k each at the offer price of 50k per share on the basis of one (1) ordinary share for every six (6) ordinary shares held.
The Nigerian Stock Exchange’s market bulletin seen by businessamlive indicates that the shares would be opened for subscription on Monday, October 16, 2017 and would close Wednesday, November 22, 2017.
The insurer currently has an authorized share capital of N5 billion with a paid up capital of N3 billion.
Market analysts say the rights issue implies significant financial commitment by the core investors.
Consolidated Hallmark Insurance Plc is a general business and special risks insurance underwriting firm fully capitalized in line with statutory requirements of the industry regulatory body – the National Insurance Commission.
The company provides insurance coverage in numerous industries such as aviation, oil and gas, marine cargo and hull business and other non-life insurance underwriting, including motor, fire and special perils, goods-in-transit and engineering insurance, amongst others