By Ikechukwu Emelike

Oasis insurance company, one of the insurance companies that crossed the last consolidation in the insurance industry has announced that it plans to seek fresh funds to the tune of N5 billion from the capital market soon. The company had earlier sought the permission of shareholders during the last annual general meeting of the company held in Lagos to raise its authorized share capital to N5 billion which would be both a public offer and right issue.

The right issue is to consist of a total of 1,250,876,697 ordinary shares of 50 kobo each and is to be allotted to existing shareholders in the proportion of 1 is to four. 500,000,000 ordinary shares is to be offered for public subscription. Presently the company has been placed on technical suspension by the Nigerian stock Exchange due to its forthcoming public offer.

Furthermore, the company has changed its dividend payout for its last financial year ended December 31 2007 from 2 kobo to 3 kobo closure date of 10th to 15th March 2008.

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