Firm Completes Share Reconstruction, Lists 3.23bn Shares

Fortis Global Insurance Plc has completed its share capital reconstruction, listing 3.23 billion shares on the Nigerian Exchange (NGX).

Share capital reconstruction is a corporate action that reduces the number of shares in issue by consolidating existing shares into fewer units. While the number of shares held by investors decreases, their percentage ownership in the company remains unchanged.

The NGX, in its weekly report, said, “We refer to our market bulletin, wherein the Market was notified that trading in the shares of Fortis Global Insurance was placed on suspension effective June 17, 2026, in preparation for the share reconstruction of the Company’s Issued shares.”

The notice stated, “The Market is hereby notified that the entire 12.911 billion ordinary shares of Fortis Global Insurance were delisted from the daily official list of Nigerian Exchange on July 2, 2026, while the newly reconstructed issued share capital of 3.228 billion ordinary shares of 50 kobo each were also listed on the daily official list of NGX at N3.96 per share.”

NGX said that “the delisting of 12.911 billion ordinary shares and listing of 3.228 billion ordinary shares on NGX is pursuant to the approval received from the Company’s shareholders at its Extraordinary General Meeting on April 4, 2025 and no objection received from the Securities and Exchange Commission.

“Consequently, following the completion of the share reconstruction, the suspension placed on the securities of the Company has been lifted.”