Consolidated Hallmark Insurance Plc (CHI) has announced plans for a private placement that will see the injection of fresh capital into the company and bring in new investors.
In its bid to achieve this, the company would be having its Extra-Ordinary General Meeting (EGM) on November 28, in Lagos, to get the approval of its shareholders and give their authorisation to the directors.
The directors are requesting that the authorised share capital of CHI Plc be increased from N5 billion divided into 10 billion ordinary shares of 50 kobo each to N7.5 billion ordinary shares divided into 15 billion ordinary shares with the creation of additional five billion ordinary shares of 50 kobo each.
The directors are also seeking the authorisation of shareholders to allot 1.130 billion units of ordinary shares of 50 kobo each at 65 kobo per share through a private placement.
The private placement is being undertaken by CHI Plc to meet the new capital requirements stipulated by the National Insurance Commission (NICOM).
Consolidated Hallmark Insurance was incorporated on the 2nd of August 1991 as a private limited liability and began operations in 1992. It was converted to a public limited liability company in July 2005, and the name changed from Consolidated Risk Insurers to Consolidated Hallmark Insurance. The firm was listed on the Nigerian Stock Exchange (NSE) on the 22nd of February 1998.