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Guinea Insurance to raise N8bn capital

Insurance, IICC

By Cynthia Alo

Guinea Insurance Plc said it would raise N8 billion additional capital, following shareholders’ approval to increase the company’s share capital from N4 billion to N12 billion.

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The underwriting firm said it hopes to achieve this by raising N8 billion by offering 16 billion ordinary shares of 50 kobo each ranking in all respect pari-pasu with the existing shares of the Company.

Speaking at the 61st annual general meeting of the company in Akwa Ibom, Chairman, Mr. Godson Ugochukwu said: “The approval, as given by our perceptive shareholders, brings to the table, penetrating insights and sustainable fair shakes that will bolster our get-up-and-go capital structure re-organisation action plans,

“Options available to us are either to: approach the capital market by way of a public offer, private placements, rights issue, book building process or other methods; inject funds into the company or consider the possibility of a merger with another company operating in the general insurance business portfolio,

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“In any case, the board had engaged the services of professional parties and advisors to provide matter-of-fact counsel that will engender accuracy and timely decision making especially, as we are materially mindful of the stipulated time frame given by the regulator,” he added.

The shareholders also approved the re-election of Ugochukwu as the company’s chairman, Samuel Onukwue and Simon Bolaji as non-executive directors

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