Tuesday, June 21, 2016 2:55PM / NSE
We are pleased to inform you that Wapic Insurance Plc has formally established a Global Depository Receipt (GDR) Program.
The GDR was established by the Bank of New York Mellon (BNY) as the depository bank and has been StanbicIBTC Bank Plc as the local custodian bank, was formally announced on June 15, 2016.
Wapic Insurance Plc is the first Nigerian insurance company to establish a GDR Program.
This Level 1 sponsored GDR is based on the shares of the company currently in issue an is not accompanied by a listing or capital raising.
The GDR will however provide the Company and indeed the Nigerian Insurance industry a measure of exposure to the North American and European capital markets.
The program will also increase the Company’s options for its overall investor base whilst offering the stability of the USD denominated certificates.
We thank you for your support which has made it possible for Wapic to record this significant milestone.