Mutual Benefits Assurance Plc is has decided to raise additional N4.8 billon from its investors.
According to the company, the reason is to ensure that the company meet the new recapitalisation requirement.
During the its Extra Ordinary General Meeting on Thursday in Lagos, the Board of Directors and it’s shareholders agreed to sell 8,888,888,889 ordinary shares of 50 kobo each at 54 kobo per share.
Some of the shareholders that have decided to key into the shares, one of them is Charles Enterprises and Arubiewe Farms Limited.
Chairman of the firm, Akin Ogunbiyi, said the firm has decided to raise more capital throu their teeming investors who are ready for commitment.
Managing Director/CEO, Mutual Benefits Assurance Plc, Femi Asenuga assured shareholders that shareholders who are committed would be rewarded.