An underwriting firm, Guinea Insurance Plc, has submitted an application for approval and listing of its proposed N5.8 billion rights issue, according to information made available to the investing public.
Business Post reports that the application was filed to the Nigerian Exchange Limited (NGX) by the insurer through its stockbrokers, Forte Financial Limited and Mega Equities Limited, in line with capital market procedures.
The company is offering a total of 5,295,200,000 ordinary shares of 50 Kobo each at N1.10 per share. The offer is structured on the basis of two new ordinary shares for every three existing ordinary shares held as of the close of business on Wednesday, January 21, 2026.
In a statement issued yesterday, the Head of Issuer Regulation Department of the stock exchange, Mr Godstime Iwenekhai, confirmed the submission of the application.
He said, “Guinea Insurance Plc has through its stockbrokers, Forte Financial Limited and Mega Equities Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 5,295,200,000 ordinary shares of 50 Kobo each at N1.10 per share on the basis of two new ordinary shares for every three existing ordinary shares held as at the close of business on Wednesday, January 21, 2026.
“The qualification date for the rights issue is Wednesday, January 21, 2026.”
At the market at midweek, the shares of Guinea Insurance closed flat at N1.30 per unit. A total of 2,313,400.00 units were transacted by investors during the trading session.
Last month, the organisation held an Extraordinary General Meeting, where shareholders authorised the board to raise additional equity capital of up to N15.0 billion by way of rights issue and private placement, on such terms and pricing as the board may determine.
This followed the passage of a resolution approving an increase in the firm’s minimum issued share capital from N4.0 billion to N19.0 billion, representing 38.0 billion ordinary shares of 50 Kobo each. The move aligns with regulatory requirements and term growth plans.
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