A Nigeria-based insurance company, Guinea Insurance has listed 1,802,800,000 ordinary shares of 50 Kobo each at 50 Kobo per share on the Nigerian Exchange Limited.
Guinea Insurance, in a notice to trading licence holders signed by the Head, Listings Regulation Department, Lilian Dako, on Tuesday, revealed that the shares were listed on the Daily Official List of the Nigerian NGX.
Part of the licence said, “The additional shares listed on NGX arose from Guinea Insurance’s private placement. With this listing of the additional 1,802,800,000 ordinary shares, the total issued and fully paid up shares of Guinea Insurance Plc has now increased from 6,140,000,000 to 7,942,800,000 ordinary shares of 50 kobo each.”
In August, Guinea Insurance obtained regulatory approval to issue 1.8 billion units of ordinary shares at 50 kobo per unit. The regulators include the National Insurance Commission, the Securities and Exchange Commission, and the Nigerian Exchange Group.
Speaking on the development, the Chief Executive Officer of Guinea Insurance Plc, Ademola Abidogun, noted that the initiative was consistent with the company’s proactive approach to securing future growth, increasing market share and dedication to maximising returns for investors and partners.
Abidogun said, “Guinea Insurance Plc is fully prepared to make the most of this opportunity to further fortify our market position, enhance customer experience, and open doors to even greater possibilities.
“Our resolute commitment to success and the results of it can be seen from the company’s performance in Q2 of 2023. The company made remarkable financial advancements in the quarter, highlighted by substantial increases in key performance metrics. Remarkable boosts were seen in insurance contract revenue (36.54 per cent), insurance service result (57 per cent), and net investment income (44.51 per cent).
The transformation of profit/(loss) before and after income tax was especially striking, showing an impressive turnaround from loss to profit by 132.2 per cent and 125.96 per cent, respectively. These positive outcomes were largely driven by effective cost-saving strategies and enhancements in operational efficiency that in turn, accentuated the company’s impressive resurgence and its resolute drive to establish itself as the preferred insurance provider.”