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Translate Mutual Benefits gets shareholders’ nod to raise additional capital On By Rosemary Onuoha Mutual Benefits Assurance Plc has received shareholders’ approval to raise additional capital in order to meet the recapitalisation requirement of the National Insurance Commission, NAICOM. Accordingly, the underwriter is embarking on a private placement to raise additional N4.8 billion, from its existing investors who have shown interest to increase their stake to enable the company meet its new capital requirement. At the company’s Extra Ordinary General Meeting in Lagos, Mutual Benefits Board of Directors secured the approval of its shareholders to raise N4.8 billion, by the sale of 8.9 billion ordinary shares of 50 kobo each at 54 kobo per share. This is subject to regulatory approvals. ....
Mutual Benefits to raise N4.8b - The Nation Newspaper thenationonlineng.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenationonlineng.net Daily Mail and Mail on Sunday newspapers.