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Wapic Insurance Plc has extended the offer period for its rights issue of 15,613,194,623 ordinary shares of 50 kobo each at N0.38 per share on the basis of seven new share ordinary shares for every six ordinary shares held as at the close of business on September 19, 2019.
A statement signed by the Head, Listings Regulation Department, Nigerian Stock Exchange (NSE), Godstime Iwenekhai, disclosed that the Securities and Exchange Commission (SEC) had approved a further extension of the Rights Issue which was initially scheduled to close on Tuesday, 31 December 2019 to Friday, 10 January 2020.
With this development, Wapic Insurance plans to raise the sum of N5.9 billion from the Rights Issue so as to achieve its goal of increasing its capital base to meet the new capital requirements stipulated by the National Insurance Commission (NAICOM).
According to the insurance firm, the N5.9 billion will serve as investment funds which will be channeled to Wapic Life Assurance Limited and Wapic Insurance (Ghana) Limited.
Recall that the shareholders of the company had at last year June approved that the authorised capital base be increased to N15 billion in the light of ongoing recapitalisation exercise in the industry. The new capital base would ensure that the company continues to exist and wax stronger after the recapitalisation exercise.
