Foreign investors storm Mutual Benefits Assurance.
June 6th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
For a company that has done impressively well in the post- consolidation era of insurance industries,Mutual benefits is gearing up for a whole new level.The company has begun the process of transferring the 25 per cent equity bought by Augustus Group of United States to the foreign investors. The transfer is said to be responsible for the high activity in the shares of MBA Plc on the floor of the Nigerian Stock Exchange in the past one month.
The Managing Director/Chief Executive Officer of MBA Plc, Mr. Akin Ogunbiyi, said that the company had secured the interest of foreign investors –the Augustus Group, which controls 25 percent equity.
Consequently,about 872million shares of MBA worth N2.774bn have been traded in the past one month.This volume represents about 15 per cent of the total shares outstanding of the company, implying that high trading would still be witnessed in the shares.
It is also expected that the shareholders of the company would receive dividends twice in 2007.
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