Great Nigerian Insurance unveils N15.6bn Rights Issue

Great Nigerian Insurance Plc has commenced a N15.6 billion rights issue following approval from the Securities and Exchange Commission (SEC), as the insurer moves to further strengthen its capital position and support the expansion of its operations.
The company disclosed in a notice to shareholders, stakeholders, the National Association of Securities Dealers (NASD), and the investing public that it had secured regulatory approval to offer 6 billion ordinary shares of 50 kobo each at N2.60 per share.
Under the terms of the offer, qualifying shareholders will be entitled to six new ordinary shares for every seven existing ordinary shares held as of the close of business on June 4, 20...