Consolidated Hallmark Plc Reveals Plan to Comply With The New Capital Requirement By the Nigerian Insurance Commission

 Ahead of the deadline given by the National Insurance Commission (NAICOM) for insurance firms to recapitalize, Consolidated Hallmark Plc has revealed its plan to raise its capital base from N6.1 billion to N10 billion. It is seeking an additional N3.9 billion to meet the new capital requirement, after it's capital base has been increased from N3 billion to N10 billion. While maintaining that its first line of action would be to issue additional share by way of a rights issue, Consolidated Hallmark made known that it is important it shares its plans with shareholders and stakeholders to get their support to realize the new target. 
According to the insurance firm, the rights issue would give existing shareholders the opportunity to increase their stakes in the company and take the benefit of a lower offer price than that of a public offer. Consolidated Hallmark, however, hinted that other options available to the company to achieve the additional capital required were private placement, public offer or merger, and acquisition. 
Recall that NAICOM of recent announced an increment in the minimum paid-up share capital of insurance and reinsurance firms. 

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