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Prestige Assurance N6.8bn Rights Issue Opens for Subscription

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Prestige Assurance rights issue of 13,635,796,006 Ordinary Shares of 50 Kobo Each at 50 Kobo Per Share has opened to investors for subscription.

The Insurer aims to raise a total of N6.8 billion if all shareholders take up their offer.

The issue is on the basis of Thirty-Eight (38) New Ordinary Shares for Fifteen (15) Ordinary Shares Held as at 31 January 2020.

The acceptance list for the Prestige Assurance Rights Issue opened yesterday Monday, 10 August 2020 and closes on Thursday, 17 September 2020.

Nigerian Insurers have been rushing to raise capital to meet a regulatory deadline by the National Insurance Commission or NAICOM to increase minimum capital levels.

Prestige Assurance stock closed trading at N0.50 per share on Monday. It is up 23 percent in the past for a market capitalization of N3.1 billion.

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