Consolidated Hallmark Insurance Bullish on N1.1bn Rights Issue

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Goddy Egene

The Managing Director/CEO of Consolidated Hallmark (CHI) Plc, Mr. Eddie Efekoha, is optimistic of a very successful outing of the ongoing rights issue of the company. The Securities and Exchange Commission (SEC) gave the approval to the general insurance and special risks underwriter to offer a total of 2,032,500,900 units of 50 kobo each at 52 kobo per share through a Rights Issue to existing shareholders. The offer opened on Monday, 24th February, 2020 and is expecte d to close on April 1, 2020.

Speaking on the rights issue, Efekoha, who is also President of the Chartered Insurance Institute of Nigeria (CIIN), said they were very confident of having a successful outing because their shareholders believe in the company.

“We have shown commitment to shareholder value creation and paid dividend time and again. The company is one of the most consistent dividend-paying publicly quoted firms amongst listed companies generally, and particularly in the insurance sector. We enjoin the shareholders to exercise their rights in full,” he said.

According to him, the company is rapidly expanding its operations into other financial services business with various subsidiaries that are contributing to revenue.

“The latest subsidiary that has been added to the stable is the CHI Microinsurance Limited, a micro life assurance company recently granted approval in principle by NAICOM and set to commence operations by the second quarter of this year,” he said.

The Chairman of the company, Mr. Obinna Ekezie, said the recapitalisation programme as a welcome development that will lead to a more virile insurance sector with improved performance and also ensure that the company captures a larger market share and give better returns to all stakeholders.