UNIC Insurance Shares Placed on Full Suspension

UNIC Insurance Plc said on Friday its shares has been placed on full suspension from trading on the Nigerian Stock Exchange (NSE).

The company said its in compliance with the process required for the approved Scheme of arrangement between it and holders of its fully paid ordinary shares.

“The ordinary Shares of UNIC Insurance Plc (‘’the Company’’) were placed on full suspension from trading on The Floor of The Exchange effective, 22 March 2017,” the insurer said in a filing with the NSE.

Recall The Nigerian Stock Exchange has approved a restructuring plan for UNIC Insurance Plc, as a capital raising method for the company.

The capital raise involves a merger and acquisition in a scheme of arrangement between UNIC Insurance Plc and an Investment Holding Company, South Africa’s Liberty Holdings,which is set to acquire a 75 percent stake in UNIC Insurance Plc for 160 million Rands (about $12 million).

UNIC Insurance engages in Underwriting functions, Corporate Investment Advising, Fund/portfolio Managing had its certificate of registration cancelled and was also dubbed an inactive capital market operator by the Securities and Exchange Commission (SEC) as at November 2015.

The company has Market Cap of N1.3 billion and was last traded at its nominal value of 50 kobo per share.