Sunu Assurances Nigeria Plc has submitted an application to the Nigerian Stock Exchange to carry out a share reconstruction exercise.
The application followed the special resolutions passed by the shareholders of Sunu Assurances Nigeria Plc at an extra-ordinary general meeting (EGM) held on March 9, 2020, in favour of the proposal.
The share capital reconstruction will result in the cancellation of four existing ordinary shares out of every five ordinary shares of Sunu Assurances Nigeria Plc held by its existing shareholders.
The total number of issued ordinary shares post the capital reconstruction exercise will be 2.8 billion ordinary shares of N0.50 each while a total of 11.2 billion ordinary shares of N0.50 each will become cancelled and unissued.
The Chairman of Sunu Assurance Plc, Mr. Kyari Bukar, had assured stakeholders that the company would have satisfied the newly required minimum paid-up capital of N5billion before the end of the year.
“Conscious efforts would be made to achieve the required minimum paid-up capital of N10 billion by September 30, 2021 through the rights issue exercise as approved by the shareholders at the last EGM,” he said.