Wapic Insurance shops for N3.5bn

　

Wapic Insurance Plc is shopping for N3.51 billion from existing shareholders to enhance its operations and deliver higher returns on investments.

The company is raising the funds through a rights issue of 6,350,518,383 ordinary shares of 50 kobo each at 55 kobo per share on the basis of eight new shares for every existing 10 shares. The offer, which opened on Monday, June 10, is expected to close on July 5.

Speaking on the rights issue, the Chairman of Wapic Insurance, Mr. Aigboje Aig-Imoukhuede, explained that the rights issue was a first step towards raising additional capital for the company’s longer term infrastructure and expansion objectives.

According to him, the required endorsements from shareholders to guarantee the success of the offer had been received. "The successful uptake of the offer will result in deepening of the company’s underwriting capacity and thereby broaden its sectoral participation in the Nigerian economy," he said.

Speaking in the same vein, the Managing Director of Wapic Insurance Plc, Mr. Segun Balogun, said shareholders were excited at the prospect of a company with a significantly robust capital base and the underwriting privileges it would confer on the company.

He said the firm was gradually being repositioned for growth in all aspects and lines of business, adding that Wapic Insurance had strengthened its capacity by restructuring its business model. "The additional capital will complement on-going repositioning initiatives and fast track the company’s emergence as a truly diversified insurance company with world class service," Balogun said.




Source: Nigeria Bulletin