Prestige Assurance Extends N6.8bn Rights Issue

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Goddy Egene

Prestige Assurance Plc has extended the offer period for the its rights issue of 13,635,796,006 ordinary shares of 50 kobo each at 50 kobo per share. The issue, which is expected to fetch the underwriting firm about N6.8 billion ought to have closed last Thursday.

However, the Nigerian Stock Exchange (NSE) said in a notification to dealing members that it had received a confirmation from the Securities and Exchange Commission to extend the offer period by two weeks. “With this extension, the offer which was initially scheduled to close on Thursday, 17 September 2020 will now close on Wednesday, 30 September 2020.

The rights issue is part of efforts to meet the new minimum capital requirement stipulated by National Insurance Commission (NAICOM).

The rights have been pre-allotted on the basis of 38 new ordinary shares for every 15 held as at January 31, 2020.