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African Alliance missing from NSE newly approved



Proshare NI

March 13, 2009 at 16:09 GMT



African Alliance Insurance Company Limited, (AA) was conspicuously missing from the Nigerian Stock Exchange (NSE) newly approved listing.


As earlier reported by Proshare NI, the Council of the Stock Exchange newly approved seven (7) companies for listing on the Floor of the NSE; to list securities worth N76 billion through Listing by Introduction, Rights Issue, Placing and Supplementary Issue.


The companies include Pinnacle Point Group Limited, a Property Development Company that has its primary listing on the Johannesburg Stock Exchange (JSE) in South Africa, E-Tranzact International Plc, a company engaged in making remote real time settlement of transactions possible by telephone and internet and Mtech Communications Plc, a mobile content, media interactivity, digital marketing and technology Solutions Company.


Others are Portland Paints and Product Nigeria Plc, Capital Oil Plc (CAPOIL), Hallmark Paper Products Plc and Oando Plc Staff Equity Participation Share Scheme.


However, African Alliance, whom from reports had also applied for listing following a Private Placement (PP) conducted early Second Quarter (Q2) of year 2008, was missing from the list of issues to be listed on NSE trading Floor.


The Source affirmed to Proshare NI that the Life Insurance Company applied to list its shares and feelers from the Exchange confirmed that it would likely have its application approved.


I wonder why their name was not mentioned as one of the approved companies to list on the Exchangeâ€ÃƒÆ’ƒâ€šÃ‚ the Source affirmed.


Last year, in its bid to find out more about the African Alliance Placement, Proshare NI visited Unex Capital Limited (UNEX); who were Issuing House to the Placement.


Proshare NI gathered from a source at UNEX that 1, 000,000 units was the minimum application for the Placement at N2.00 per share.


With your N2.0 million you will fill our form and we allocate one million units to youâ€ÃƒÆ’ƒâ€šÃ‚ the source said.


Prior to this time, when Proshare NI filed its earlier report on the African Alliance Placement; it could not get the Placement Memorandum from Unex Capital the Issuing House to the placement or get further details on it.


However, as at the time of filling in this report, Proshare NI could not also gather more details from the company or from officials of the Stock Exchange; the reason its application was yet to be approved.


As earlier reported, African Alliance was acquired 50 percent (50%) contrary to the earlier reported 100 percent (100%) by the new Universal Insurance Company Limited (UNISURE) to handle the Life aspect of its operations.

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