Mutual Benefits Shareholders Endorse N4.8bn Private Placement

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Goddy Egene

Shareholders of Mutual Benefits Assurance Plc last Thursday approved that additional capital of N4.8 billion be raised through a private placement. The placement will be made to two companies through 8.9 billion shares. Charles Enterprises LLC will get 5.3 billion shares for N2.9 billion, while Arubiewe Farms Limited will get 3.5 billion shares for N1.9 billion. The shareholders also increased authorized share capital to N10.050 billion.