Proshare Logo
   Market Date: 26-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

STACO offers 1.6 billion rights issue to existing shareholders

Category: Capital Market

  Read (2271)
STACO offers 1.6 billion rights issue to existing shareholders

By Nike Popoola Wednesday, 22 Sep 2010

STACO Insurance Plc has offered by way of rights issue, 1.6 billion ordinary shares of 50kobo each at 50kobo per share.

The rights issue will be on the basis of one ordinary share for every three ordinary shares held by the shareholders whose names appeared in the register of members as at the close of business on March 31, 2009.

A statement from the company on Tuesday said, during the company‘s Completion Board Meeting, The Chairman of the Board of Directors, Mr. Dere Otubu, discloded that the proceeds from the right issue would be used to enhance operation, invest in proposed new subsidiaries. It will also be used for upgrading companies and existing subsidiaries, upgrading of information technology, branch upgrade and expansion.

He noted that the reforms introduced by the Federal Government in the insurance sector, which included increased capital requirements, mandatory local content policy and the compulsory insurance policies, had geared up the sector to become one of the top performers in the economy.

He urged shareholders of the company to take up their rights in order to ensure that they continued to take full advantage of the current and potentials benefits of their investment in the company.STACO Insurance is one of the 49 insurance companies approved by the National Insurance Commission after the last consolidation exercise in the insurance sector.


Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Capital Market

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014