Royal Exchange to raise fresh funds from capital market
Assures on dividend payment
Royal Exchange Nigeria Plc has given assurance of sustaining value creation to its shareholders with recommencement of dividend payment starting with the prevailing financial year 2017.
Chairman of the company, Mr. Kenneth Odogwu disclosed this on Thursday in Lagos Nigeria Stock Exchange (NSE) during the presentation of cats behind the figures to market operators and other stakeholders.
The Royal Exchange chairman also discoed that the company is positioning to approach the capital market for fresh funds to boost its capital base, and take advantage of high ticket multi sectorial transactions that guarantees favorable returns.
Odogwu said that for the 100 years the company has existed, it has sustained divided payment, but was interrupted in 2014, 2015 and 2016 financial years due to losses made by the company , occasioned by huge provisioning.
He said that based on strategic innovation and transformation embarked upon by the management and board of the company his repositioning the company for increased profitability and returns on investments to all stakeholders.
According to him, digital transformation, Agriculture insurance which has been endorsed by NAICOM, with support from federal government and the world bank as well as opportunities in the federal government’s compulsory insurance policies.
In his address, the company’s group managing director, Mr. Auwalu Muktari
said that the company , as one of the two insurance companies to benefit form the deregulation of agric insurance in Nigeria, is positioned to take advantage of opportunities to boost the nation’s economy, increase agricultural produce, boost its bottom line and return value to shareholders.
He reiterated that since its last capital raising in 2006, the company has not raised fresh funds from the market, as its operations have been funded by internally generated income
Bonny Amadi
