SEC Approves Mutual Benefit Assurance Plc Right Issue Extension

By LOVETH AZODO, Lagos

The Security Exchange Commission (SEC) has approved the extension of Mutual Benefit Assurance Plc offer period of its Right Issue.

The Acceptance List for the Rights Issue which was opened Monday 6th, August and billed to close Friday 14th, September has received SEC approval to extend closure date to  Friday 28th, September 2018.

According to Statement signed by Head, Corporate Communication, Mutual Benefits Assurance Plc, Mrs Ellen Offo, the extension will afford shareholders who have not been able to exercise their rights the opportunity to do so.

Commenting on the development, the Chairman, Dr. Akin Ogunbiyi said that the company “is optimistic that the exercise will be fully subscribed, given the massive support and expression of interested received from our shareholders.”

Mrs Offo explained that the proceeds from the Rights Issue is to enable Mutual Benefits carry out its recapitalization and growth plan, provide additional working capital and finance the transformation of its IT infrastructure to support the Company’s enlarged operations.

Furthermore, The shares are being offered to existing shareholders by way of Rights Issue of 4,000,000,000 ordinary shares of 50 kobo each at 50 kobo per share on the basis of one new ordinary share for every two ordinary shares held by shareholders, whose names appeared in the register of members as at close of business on 31st October, 2017.