Mutual Benefits Assurance N2b Rights Issue Begins

By Dipo Olowookere

One of the players in the insurance sector in Nigeria, Mutual Benefits Assurance Plc, is raising fresh capital from its shareholders through the issuance of rights issue.

From the exercise, the company hopes to raise about N2 billion, which would be used to beef up its operations and further stamp its authority in the insurance market.

Mutual Benefits Assurance said the qualification date for the rights issue is today, Wednesday, November 1, 2017.

Already, it has written to the Nigerian Stock Exchange (NSE), seeking the approval of the market regulator.

“Dealing Members are hereby notified that Mutual Benefits Assurance Plc has through its Stockbrokers; Security Swaps Limited submitted an application to The Nigerian Stock Exchange for approval and listing of a Rights Issue of 4,000,000,000 Ordinary Shares of 50 Kobo each at 50 kobo per share on the basis of 1 new ordinary share for every 2 ordinary shares held,” the notice sent by the firm to NSE said.

Managing Director of the firm, Mr Segun Omosehin, had at a get together dinner organized for brokers that the company was open to new ideas and innovations that can help improve the market and the company’s bottom line.

“If you think of those news things that you want to introduce to the market, then you better be talking to us because that’s what we are interested in,” he said.