According to reports from Businessday, Consolidated Hallmark Insurance has announced the successful subscription to its rights issue to the tune of a 100.9%. All shares offered, were fully subscribed.
The company had in October 2017, offered 1 billion shares to existing shareholders at the ratio of one new share for every 6 shares held. Planet Capital was the issuing house to the offer.
Proceeds of the offer, according to the company, will be used to acquire a life insurance firm and set up a Health Maintenance Organization (HMO) Hallmark HMO.
Consolidated Hallmark Insurance was incorporated on the 2nd of August 1991 as a private limited liability and began operations in 1992. It was converted to a public limited liability company in July 2005, and the name changed from Consolidated Risk Insurers to Consolidated Hallmark Insurance. The firm was listed on the Nigerian Stock Exchange (NSE) on the 22nd of February 1998.
Results for the 9 months ended September 2017 show Gross Premium Written fell from N4.9 billion in 2016 to N4.2 billion in 2017. Profit before tax increased from N358 million in 2016 to N360 million in 2017. Profit after tax also increased slightly from N196 million in 2016 to N207 million in 2017.
CHI shares closed at 50 kobo on Friday’s trading session, flat year to date.