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Cornerstone Insurance Plc has announced the issuance of bonus shares in the ratio of Seven (7) new share for every Thirty (30) existing shares held by shareholders.
The bonus offer will apply to shareholders whose names appear in the Register of Members at the close of business on Wednesday, 12th August 2020, subject to the approval of the appropriate regulatory authorities.
The Register of Shareholders will then be closed from Thursday, 13th to Monday, 17th August 2020.
Cornerstone plans that its Annual General Meeting will be held at Function Room, MUSON Centre, Onikan, on Wednesday, 26th August 2020 at 11:00am.
Cornerstone Insurance Nigeria Plc returned to profit in March, driven by realized gains on foreign exchange, but obligation to policy holders rose, raising concerns about underwriting capacity.
The Nigerian insurer posted a profit after tax of N475.11 million as at March 2020 from loss of N98.37 million in 2019.