Consolidated Hallmark set to raise N4.5

CONSOLIDATED Hallmark Insurance (CHI) has secured shareholders’ approval to raise N4.5 billion additional capital to raise its minimum paid-up capital to N10 billion, ahead of June 30, 2020 recapitalisation deadline.

The National Insurance Commission (NAICOM) had earlier announced over 200 per cent increase in capital from N3 billion to N10 billion for underwriters operating in the general business category like CHI.

The shareholders at the Extra-Ordinary General Meeting (EGM) of the company in Lagos also approved that the company’s authorised share capital be increased from N7.5 billion divided into 15 billion Ordinary shares of 50 Kobo each to N10 billion divided into 20 billion ordinary shares of 50 Kobo each with the creation of additional 5 billion Ordinary shares of 50 Kobo each.

While the shareholders authorised the company to raise additional capital of up to N1.056 billion through a Right Issue of 2.032 billion units to the ratio of 1:4 at N0.52 per share, they…

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