Lasaco Assurance Plc has listed an additional 9.25 billion ordinary ordinary shares of 50 Kobo each on the Daily Official List of the Nigerian Exchange Limited (NGX).
The listing follows the completion of a private placement exercise conducted by the company.
The private placement involved the issuance of 9.25bn ordinary shares at a premium price of N1.20 per share, raising significant capital to bolster Lasaco Assurance Plc’s operational and strategic objectives.
The listing of these shares has now increased the company’s total issued and fully paid-up shares from 1.83bn to 11.08bn ordinary shares of 50 Kobo each, marking a significant expansion in its equity base.
The private placement represents a strategic move by Lasaco Assurance Plc to strengthen its capital position and enhance its capacity to deliver on its commitments to stakeholders.
The additional capital is expected to support the company’s growth initiatives, improve its ability to underwrite larger volumes of insurance business, and meet regulatory requirements for solvency and capitalization.
Lasaco Assurance recently concluded its capital raising initiative, securing N11.1bn via a private placement of 9.25bn ordinary shares at 1.20k per share.
This was disclosed by the Chairman of Lasaco Assurance, Olateju Phillips at the signing ceremony, held at the Marriott Hotel in the Ikeja area of Lagos.
Phillips expressed optimism about the company’s future, stating, “Aligning our strategies with dynamic market conditions is crucial to maintaining a strong market presence. This capital raise marks a significant milestone in our journey towards sustainable growth and exceptional value for our clients and stakeholders.”
The Managing Director, Razzaq Abiodun, highlighted the importance of the capital infusion, adding, “This achievement enhances our market share and strengthens our competitive edge. The funds will be allocated to critical areas to support sustained growth and position us for future opportunities,” he noted.
