Guinea Insurance to Raise N8bn

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Guinea Insurance plc has secured shareholders’ approval to increase the company’s operating capital to N12 billion, from the present level of N4 billion.

The company said it intends to achieve this through the sale of 16 billion ordinary shares of 50 kobo each to the existing shareholders.

The company’s Chairman, Godson Ugochukwu at the 61st Annual General Meeting of the company held recently in Uyo, Akwa Ibom said, “the approval, as given by our perceptive shareholders, brings to the table, penetrating insights and sustainable fair shakes that will bolster our get-up-and-go capital structure re-organisation action plans.

“Options available to us are either to: approach the capital market by way of a public offer, private placements, rights issue, book building process or other methods; inject funds into the company or consider the possibility of a merger with another company operating in the general insurance business portfolio.

“In any case, the board had engaged the services of professional parties and advisors to provide matter-of-fact counsel that will engender accuracy and timely decision making especially, as we are materially mindful of the stipulated time frame given by the regulator.”

At the meeting, the shareholders, approved the re-election of Ugochukwu as the company’s chairman, Samuel Onukwue and Simon Bolaji as non-executive directors.