Gemrock ‘ll participate in our offering …..Standard Alliance

Gemrock Management Co Limited, a related party to Standard Alliance Insurance Plc., currently controlling 28 per cent holding in the company, will participate in its forth coming capital raising process, in order to further enhance its control of the company’s management.

Though, Gemrock, with 28 per cent equity holdings in Standard Alliance, currently controls higher stake as single investors, with Standard Alliance Investments Limited controlling 16.72 per cent,FCMB, 9.34 per cent and the general public with 33.90 per cent shareholding, the core investors, it has been disclosed, will boost its investment value to 51 per cent.

Standard Alliance Insurance CEO, Mr. Bode Akinboye, disclosing this recently in Lagos in an interview, affirmed that Gemrock would participate in the company’s proposed share offering.

He said “Gemrock will participate in the new offer, and based on existing agreement, special allotment would be done for Gemrock and also to existing shareholders so that at the end of the offer Glenrock would have enough funds to amass 51 per cent majority share of the company.”

According to him, Standard is strategizing and restructuring, both its shares and operations to ensure that profitability is restored, loss positions cleaned u and dividend payment re-commenced and this would be achieved through innovative process, digitalizing and deepening retail sector.

He said, “The only way to check the performance of the company and products is to be more innovative; however, we are not heavily reliant on the public sector, as we are very strong in the private sector. Be that as it may, we introduced more retail products; and like I said earlier, we are enhancing our technology, digital channels and platforms to roll out health insurance products with Unisure.”

“We are looking at health insurance, we are looking at agric insurance and we are also looking at such insurance like loss of employment. The loss of employment insurance, he revealed has continued to enjoy huge subscribers akin to pension, he added.

Bonny Amadi