Mutual Benefits seeks regulatory seal on rights

Mutual Benefits Assurance plc, has advanced further in its proposed rights’ issue for capital raising with application to the Nigerian Stock Exchange (NSE) seeking endorsement of the offer and subsequent registration.

The exchange revealed on Friday, that the company, through its Stockbrokers, Security Swaps Limited, has submitted an application to the NSE for approval and listing of a Rights Issue of 4,000,000,000 Ordinary Shares of 50 Kobo each at 50 kobo per share on the basis of 1 new ordinary share for every 2 ordinary shares held.

It stated on Wednesday 1 November, 2017, that as the Qualification Date for the Rights’ Issue. Mutual Benefits Assurance is raising fresh N2b capital through Rights’ Issue. The funds would be used to beef up its operations and further stamp its authority in the insurance market.

Managing Director of the firm, Mr. Segun Omosehin had earlier assured that Mutual benefits remains open to new ideas and innovations that can help improve the market and the company’s bottom line.

“If you think of those news things that you want to introduce to the market, then you better be talking to us because that’s what we are interested in,” he said.

Stories by Bonny Amadi