Consolidated Hallmark has announced its intention to increase its capital by 2.5 billion naira (6.9 million USD), a decision that will be submitted for approval at the Extraordinary General Meeting scheduled for November 28th, 2018. The capital will be raised from 5 billion NGN (13.7 million USD) to 7.5 billion NGN (20.6 million USD).
To this end, 1.13 billion new shares with a 0.5 NGN (0.0014 USD) nominal value will be created and then sold to investors at 0.65 NGN (0.0178 USD) as part of a private placement. In order to complete this capital increase successfully, Consolidated Hallmark is hoping to benefit from its good performance in 2018.
It should be reminded that the result of the Nigerian insurer for the first nine months of 2018 has shown an increase. The gross premiums written amounted to 5.4 billion NGN (14.81 million USD) while the net profit stood at 356 million NGN (976,225 USD).
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