Insurance

CHI rights issue attains 100.09% success

Efekoha

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Chuks Udo Okonta

Shareholders of foremost Insurer, Consolidated Hallmark Insurance (CHI plc) have affirmed their full support for, and confidence in the operations of the organisation with a 100.09 per cent subscription of the recent Rights Issue that set out to raise N500 million for business expansion.

The company, in the first phase of its capital raise exercise offered one new share to every six held by its existing shareholders in the 1,000,000,000 units Rights issue which was open from 16th October and closed on 22nd November, 2017.

With the very successful rights issue and the resultant increase in its working capital, plans are already afoot to further expand operations and broaden its income streams. This is evidenced by the recent establishment of a Health Maintenance Organisation subsidiary (Hallmark HMO), and the deployment of a new user-friendly transaction based website in a bid to deepen its retail footprints.

The Basis of Allotment of the Rights Issue subscription, as approved by the Securities and Exchange Commission (SEC)shows that there were no traded rights on the floor of the Nigerian Stock Exchange during the offer period as 100 per cent of applications complied with the terms of the offer.

In his reaction to the success of the offer, Managing Director/CEO of the Company, Eddie Efekoha, who is also the chairman of the Nigerian Insurers Association, called on members of staff to see the expression of confidence in the activities of the organisation by shareholders as a call for even greater dedication to duties.

This he said will ensure expectations of clients are continually met through quality service delivery. He acknowledged that even greater efforts are required as the organisation grows bigger and strives to attain its vision of emerging as the first choice provider of insurance and other financial services in Nigeria.

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