NSE Lists Equity Assurance\\\'s 6.5bn Shares

NSE Lists Equity Assurance\\\'s 6.5bn Shares

July 19, 2007/ This Day



The Nigerian Stock Exchange (NSE) yesterday listed 6.5 billion ordinary shares of Equity Assurance Plc at a nominal price of 50 kobo each at N1.50 per share.


The shares attracted traders\' attention as a total of 8.7 million ordinary shares were sold, valued at N13.7 million executed in 227 deals. The shares, which were listed at N1.50 each, appreciated by 7 kobo per share, closing transactions at N1.57 per share. Equity Assurance Plc is a product of the merger between Equity Indemnity Insurance Company Limited and First Assurance Plc.



Speaking at the occasion, chairman of the new company, Mr. Femi Somolu, said the listing came on the heels of an earlier approved scheme of 3.3 billion ordinary shares of 50 kobo each duly registered, \"which was in the scheme of merger between Equity Indemnity Insurance Company Limited and First Assurance Plc. The most recent Security and Exchange Commission (SEC) approval of registration is for 3.1 billion ordinary shares of 50 kobo each, bringing the total to 6.5 billion ordinary shares of 50 kobo each. 


\"Having previously registered and listed 480.2 million ordinary shares under First Assurance as a quoted company, the total allotted and fully paid up capital is 7 billion ordinary shares worth N3.5 billion,\" he said.



Somolu stated that the Federal Governments\' economic reforms to strengthen the nation\'s financial service industry, compelled both companies to initiate consolidation talks, \"and last year successfully completed the merger process, that has proven seamless, with considerably low incidents of cultural and work ethics differences, ensuring us a place in the annals of Nigerian insurance industry.\"


He added, \"Equity assurance Plc is thus effectively and strategically positioned as one of the most dynamic Insurance companies in Nigeria today. We have already put in place a number of ground breaking measures to further sharpen our competitive edge in the insurance industry by enlarging our board, to encapsulate well renowned personalities that will further enhance the performance of the board, introducing more processionals into our human capital to create an even more formidable, well trained workforce.\"


He added that re-branding of the company has started with the introduction of its new name and logo. “We have currently more robust Information Technology (IT), an empowered human capital through intensive training programmes both locally and internationally and strategic business development,†he added. 


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