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Prestige Assurance activate subscription for 13.64bn right issues

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Prestige Assurance activate subscription for 13.64bn right issues

Prestige Assurance Plc has opened the floor for subscription to a new sum of 13,635,796,006 ordinary shares for investors in the Nigerian stock market.

It notified dealing members and the investing community of the 13,635,796,006 ordinary shares of 50 Kobo each at 50 Kobo per share on the 38 new ordinary shares for 15 ordinary shares held via a corporate announcement at the bourse on Monday.

“Further to our Market Bulletin of 17 March 2020, with reference number: NSE/RD/LRD/MB21/20/03/17, Dealing Members are hereby notified that Prestige Assurance Plc’s Rights Issue of Thirteen Billion, Six Hundred and Thirty-Five Million, Seven Hundred and Ninety-Six Thousand, and Six (13,635,796,006) ordinary shares of 50 Kobo each at 50 Kobo per share on the basis of Thirty-eight (38) new ordinary shares for every Fifteen (15) ordinary shares held as at 31 January 2020, has opened for subscription as shown below,” a bulletin signed by Lilian Dako on behalf of Head, Listings Regulation Department, NSE read.

The acceptance list opened on Monday, 10 August 2020 and will close on Thursday, 17 September 2020, according to the information made available by the management of the NSE.

Prestige Assurance Plc is a major general insurance company in Nigeria with over 60 years of services.

It was incorporated as a limited liability company on 6th January 1970 and licenced to write all classes of Non-life insurance in Nigeria.

Prior to its incorporation, the company has operated as a branch office of The New India Assurance Company Limited Mumbai for eighteen years.

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