By Oyinlola Awonuga, Lagos
The shareholders of WAPIC Insurance Plc has authorised the company to raise its authorised capital base to N15 billion, amidst the ongoing recapitalisation exercise in insurance industry in the country.
The shareholders gave the consent at the 2018 Annual General Meeting(AGM) of the insurance firm in Lagos, yesterday.
The company embarked on the capital raise, following the directives of the sector regulator, National Insurance Commission (NAICOM).
Currently, the company has N8.5 billion authorised capitalisation and would require N6.5 billion to move to the new threshold.
Following this development, Wapic Insurance created additional 13 billion units of shares of 50kobo to rank pari passu with the existing ordinary shares in the capital of the company.
Shareholders at the event had to give their approval to ensure that the company continues to exist and waxing stronger after the recapitalisation exercise.
Chairman of Wapic Insurance Plc, Mr. Aigboje Aig-Imoukhuede, noted that the increase serves the best interest of the shareholders as a whole, applauding them for voting in favour of the resolution to increase the capital base of the insurance company to N15 billion from the current N8.5 billion.
According to him, “That pursuant to resolution of the shareholders of Wapic Insurance Plc passed at the 58th Annual General Meeting(AGM) of the company on May 24, 2017 where the directors of the company were authorised to raise, whether by way of rights issue, public offering, placing, book building process or other methods or combination of methods, additional funds or capital of up to N10 billion or its equivalent in any foreign currency, by way of issuance of ordinary shares, preference shares, convertible or non-convertible loans, stock, medium term notes, bonds or other securities, in such tranches, series, or proportions, at such coupon or interest rates, within such maturity periods, and on such other terms and conditions, including the provision of security repayment, as the directors may deem fit or determine, that the authorised share capital of the company be increased from N8.5 billion to N15 billion by the creation of additional 13 million ordinary shares of 50 kobo each to rank pari passu in all respects with the existing ordinary shares in the capital of the company.”
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