Sunu Assurances Nigeria Plc has completed its massive share capital reconstruction, which reduced the company’s issued share capital from 14 billion ordinary shares of 50 kobo each to 2.8 billion ordinary shares of 50 kobo each.
The newly reconstructed shares were listed on the Nigerian Stock Exchange (NSE) after the previous share capital was delisted.
The NSE subsequently lifted suspension on the shares of Sunu Assurances and trading has since resumed on the stock.
The share capital reconstruction saw the cancellation of 11.2 billion ordinary shares of 50 kobo each, 80 per cent of the company’s issued share capital. The cancellation of 11.2 billion ordinary shares of 50 kobo each out of its issued 14 billion ordinary shares of 50 kobo each was part of a recapitalisation plan aimed at increasing the capital base of the insurance company to the new minimum capital base.
The share capital reconstruction resulted in the cancellation of four existing ordinary shares out of every five ordinary shares held by shareholders as at the close of business on Friday, October 16, 2020.
Shareholders of Sunu Assurances Nigeria had at an extra-ordinary general meeting in March 2020 approved the share capital reconstruction. It also received approval from the NSE.
