Consolidated Hallmark Insurance Plc (CHI) is seeking N500 million from existing shareholders by way of rights issue to part finance the acquisition of a life insurance firm to fully consolidate its leadership position in the Nigerian insurance sector.
Accordingly, the company is offering 1,000,000,000 ordinary shares of 50 kobo each at 50 kobo per share by way of Rights Issue to existing shareholders of the company.
In a letter to shareholders of the company, Mr. Obinna Ekezie, Chairman, Consolidated Hallmark Insurance Plc said: “Whilst CHI has continued to perform well on several parameters, the essence of this capital raising exercise is to fund the Company’s expansion by strategically taking advantage of emerging opportunities in the insurance industry, especially in the life insurance segment of our market.
This will aid in positioning your Company as a market leader in the industry, continue on the path of profitability, robust balance sheet, creation of value to its shareholders and overall improvement in its perception in the market thereby making it more competitive. By supporting the Rights Issue through accepting your rights, the Company will be well positioned to achieve its strategic objectives and to deliver improved returns to all stakeholders, going forward. I therefore enjoin you to carefully consider this investment opportunity and take up your rights, in full, as the Company continues to harness imminent opportunities and deliver on its promises.”
N’ millions | 2016 | 2015 | 2014 | 2013 | 2012 |
Gross Premium Income | 5,708 | 5,876 | 4,679 | 4,151 | 3,836 |
PBT | 368 | 705 | 206 | (181) | 396 |
PAT | 195 | 546 | 193 | (200) | 240 |
Share Capital | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 |
Total Assets | 7,442 | 7,023 | 6,139 | 6,169 | 6,678 |
Net Assets | 4,403 | 4,268 | 3,842 | 3,649 | 4,030 |
EPS (kobo) | 3 | 9 | 3 | -3 | 4 |
The 5-Year Financial Summary