Prestige Assurance is set to raise N6, 817,898,003 through the issuance of 13,635,796,006 shares at N.50 kobo per share.
The firm disclosed this at the signing ceremony of the proposed rights issue yesterday.
The exercise is part of the company’s recapitalisation strategy in response to the regulatory directive from NAICOM and also path towards the implementation of the company’s medium term strategy.
Speaking at the signing ceremony yesterday, the Chairman Prestige Assurance, Dr. Doyin Salami said: “We are inviting investors to our business and at the very least, we are able to say that not only have we been around for the entirety of Nigeria’s post independent bit we are also able to say that at even in the worst time, this company not only have we weathered it, we have come out much stronger.
“As far as Prestige is concerned, the future is very bright. Prestige has already started the process even ahead of planning for the future. The intension over the next five to seven years is to be one of the top five insurance companies operating in general insurance business in Nigeria.
“We are not unmindful of the nature of that challenge, but the board and management and the entire Prestige family are eager to meet that challenge.
“As we open our rights issue, inviting subscription to 13,635,796,006 our intension is to raise additional capital to grow our business. Although regulatory inspired, but we intend to make the best of this inspiration.
“For us at Prestige, these resources would provide us with capital to do a number of things within the business. Firstly, we have to ensure that our clients continue to enjoy global standard service. We must develop products that are in tune with the aspirations of Nigeria especially in changing environment in which our clients face.”