Oasis Insurance Plc wraps up plans for hybrid offer
May 16th, 2008 Tunde Brown © www.StockMarketNigeria.com
By Tunde Brown
Oasis Insurance Plc was incorporated on the 9th of November 1992 and licensed under the Insurance Decree of 1991. The company is authorized as a composite insurance company that underwrites all classes of Life and Non-Life insurance businesses with an authorized capital of N3billion and paid up share capital of N545 million. The company, which is listed in the Insurance sub sector of the Nigerian Stock Exchange, may soon open its hybrid offer, which information available hints would be out by August 2008.
The company hopes to boost its authorised share capital to N5billion by offering to the members of the investing Nigerian public its shares through a hybrid offer of Rights Issue and offer by way of subscription. The company was listed by introduction on July 24, 2007 following the successful completion of its offer. The managing director of the company, Segun Durojaiye, speaking recently said, “We are trying to keep to SEC’s rule concerning such matters, therefore, we may open our hybrid offer August 2008”. This move falls in line with the rule recently introduced, stipulating that a newly listed company (particularly by way of introduction) should operate for at least one year before making fresh issues of its equities available for subscription. This position puts to rest the growing speculations that the company is likely to open its hybrid offer earlier than August this year.
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