Shareholders at Wapic Insurance’s 58th Annual General Meeting (AGM) held in Lagos recently threw their weight behind the firm’s impending increase in capital requirement for the insurance industry. This came on the back of their appraisal of the company’s ongoing transformation initiative, which they adjudged to be successful and encouraging.
As a demonstration of their confidence in the leadership and support for the organisation, shareholders unanimously approved its plan to raise additional capital in the sum of N10 billion only or its equivalent in any foreign currency.
This, the company intends to achieve by way of rights issue, public offering, placements, book building process or other methods or a combination of methods by issuance of ordinary shares, preference shares, convertible loans, stocks, medium term notes, bonds or other securities in such tranches, series, or proportions, at such coupon or interest rates, within such maturity periods and on such terms and conditions as the Directors may deem fit.
Chairman of the company, Aigboje Aig-Imoukhuede, while addressing shareholders on the subject said, “the company is approaching its shareholders at this time to seek approval to raise additional capital.