SUNU Assurances N3.01bn private placement records 100% subscription

SUNU Assurances Nigeria Plc said it accomplished a 100 per cent subscription in the private placement exercise it did recently to raise its capital base.
Its Managing Director, Samuel Ogbodu, who disclosed this in a statement said the private placement of 3,010,800,000 ordinary shares of 50 kobo each at N1.00 per share, with respect to the private placement memorandum on January 4, 2021, was a huge success.
He said a total of two applications for 3,010,800,000 ordinary shares were received in connection with the private placement and all the two applications for 3,010,800,000 ordinary shares were found to be valid, accepted and processed accordingly.
He noted that the Securities & Exchange Commission had cleared the Basis of Allotment, as the Central Securities Clearing System accounts of successful allottees would be credited with shares allotted by the registrars to the issue, Crescent Registrars Limited.
Ogbodu said the company was embarking on the growth phase while it remained committed to its strategic objectives and core values to guide the future and culture of the company.
Earlier, the underwriter had expressed a determination to grow its business consistently over the next five years to become one of Nigeria’s ten largest underwriting companies.
Ogbodu revealed the company had witnessed a significant turnaround since the acquisition of former Equity Assurance Plc in 2016.