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Equity Assurance N7.0bn hybrid offer to this week

Category: Public Offers Private Placements


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Equity Assurance N7.0bn hybrid offer to this week

Proshare NI

August 28, 2008 at 16:18 GMT

 

Equity Assurance Plc (EA) would this week open its N7.0 billion hybrid offer. Ibidolapo Balogun, Group Managing Director/Chief Executive Officer (GMD/CEO) of the company confirmed this to Proshare NI today in Lagos Nigeria.

 

Balogun had earlier affirmed to Proshare NI that the hybrid offer would commence mid-August.

 

“The hybrid offer is due to open towards the end of next week, mid August, we are hoping to have our Completion Board Meeting (CBM) on August 11, 2008” Balogun said.

 

He however, affirmed to Proshare NI that Equity Assurance could not open the offer as earlier scheduled due to some reasons.

 

Balogun further affirmed that to raise the N7.0 billion, the insurance company would be offering to members of the Nigerian Investing Public and existing shareholders of the company by way of subscription 1,500,000,000 units  and a Rights Issue of 707,000,000 unit  at N3.50 and N3.00 Kobo per share respectively.

 

“We are going to do Rights of 707,000,000 units of 50 Kobo each at N3.00 per share. And an offer 1,500,000,000 units of 50 Kobo each at N3.50 Kobo per share” he said.

 

Equity Assurance is seeking to raise this fund for its strategic expansion plans; which will involve the company playing an active role in the Oil and Gas sector of the Nigerian economy.

 

Apart from the above, the company is willing to expand its frontiers to the West African sub-region.

 

“We are also expanding our business into Life Insurance and would also consolidate our health insurance business” Balogun affirmed.

 

However, as at the time of filling in this report, Proshare NI could not get further details as regards the hybrid offer of Equity Assurance.



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