Staco Insurance raises N1.6b new equity funds from special investors – The Nation Nigeria
Staco Insurance Plc has raised N1.6 billion new equity funds from its recent special placement.
This was concluded with the listing of the supplementary shares on the Nigerian Stock Exchange (NSE).
Staco had floated a special placement of 4.0 billion ordinary shares of 50 kobo each at the nominal value of 50 kobo, to raise N2 billion new equity funds. Against the dormancy at the primary market, the insurance company recorded 80 per cent subscription rate.
A total of 3.2 billion ordinary shares of 50 kobo each that resulted from the special placement were listed at the weekend at 50 kobo per share. The addition of the new ordinary shares increased Staco’s issued share capital from 6.141 billion ordinary shares to 9.34 billion ordinary shares.
Only God knows when my 7 years son will reap the gains of my Investment in this coy...