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NSE approves restructuring of UNIC Insurance, as South Africa’s Liberty Holdings set to acquire 75% at $12m
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By Desola Akindele
March 20, 2017 05:26:53am GMT      |      Views: 513
Nigerian Stock Exchange

WorldStage Newsonline-- The Nigerian Stock Exchange has approved a restructuring plan for UNIC Insurance Plc, as a capital raising strategy.

The approval which will involve a merger and acquisition was given on the 10th March 2017, following the insurer’s proposal for restructuring.

According to the NSE, the restructuring involves a scheme of arrangement between UNIC Insurance Plc and Holders of Its Fully Paid Ordinary shares of 50 Kobo each, in connection with the proposed restructuring under an Investment Holding Company.

South Africa’s Liberty Holdings, as the investment holding company, set to acquire a 75 percent stake in UNIC Insurance Plc for 160 million Rands (about $12 million).

UNIC Insurance last filed its annual report  with the NSE in 2014.

The results showed that Total Assets stood at N4.4 billion as at December 2014, 13.5 percent lower than N5.1 billion recorded in the same period of 20

UNIC Insurance also reported a loss of N681.97 million in 2014, which moderated 43 percent from a loss of N1.2 billion posted in 2013, while total equity of the company as at December 2014 stood at N932.2 million

The company which engages in Underwriting functions, Corporate Investment Advising, Fund/portfolio Managing had its certificate of registration cancelled and was also dubbed an inactive capital market operator by the Securities and Exchange Commission (SEC) as at November 2015.

The company has Market Cap of N1.3 billion and was last traded March 13th at its nominal value of 50 kobo per share.

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