Mutual Benefits Assurance Plc has embarked on a private placement to raise additional N4.8 billion from its investors to enable the company meet the new recapitalization requirement.
At the company’s Extra Ordinary General Meeting yesterday in Lagos, its Board of Directors secured the approval of its shareholders to sell 8,888,888,889 ordinary shares of 50 kobo each at 54 kobo per share.
Among the shareholders that have indicated interest to take up the private placements are Charles Enterprises and Arubiewe Farms Limited.
Chairman of the firm, Akin Ogunbiyi, said given the impact of the COVID-19 pandemic on the world economies and the negative investors’ sentiments in the stock market, the company has decided to raise more capital required by way of private placement of its shares to some substantial investors who have indicated their readiness to commit further investment into the company to meet the new minimum regulatory capital.
Managing Director/CEO, Mutual Benefits Assurance Plc, Femi Asenuga assured shareholders that the company would reward shareholders for their support and patronage in the new year.
Credit: thenationonlineng.net
