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African Alliance to list in 4 weeks

Category: Investors NewsBeat

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African Alliance to list in 4 weeks



Proshare NI

June 17, 2008 at 17:49 GMT


Foremost Life Insurance Company, African Alliance Insurance Company Limited, (AA) which has been acquired 100 percent by The Universal Insurance Company Limited (UNISURE) may approach the Nigerian Stock Exchange (NSE) to list its shares in the next four weeks.


Chris Akaigwe, Head, Investment & Portfolio of the UNISURE confirmed this to Proshare NI in Lagos Nigeria.


“We planned that the company would be listed in the same way we listed UNISURE” Akaigwe affirmed.


He confirmed that African Alliance had already divested part of its holdings as a listing criterion in order to allow the investing public participate.


“If you want to list, you would surely be willing to come down on your holding so that the public would participate” he said


Though as at the time of filling in this report, Akaigwe declined to confirm to Proshare NI the total percentage of shares that was divested by the company.


The company is expected to list its shares following its concluded Private Placement (PP).


Prior to this time, Proshare NI could not get much detail on the Placement, but a source at the company affirmed that the price for the placement was N2.00 per share and a minimum of 100 million units. And Issuing house to the offer was Unex Capital Limited.


Akaigwe confirmed to Proshare NI that African Alliance would subsequently be allowed to operate as a Life Insurance Company. “African Alliance and UNISURE would operate independently as a Life and Non-Life insurance companies respectively” he said.



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