Consolidated Hallmark Plc has listed additional ordinary shares on the Daily Official List of the Nigerian Stock Exchange (NSE). The additional shares arose from the firm’s placement of 1,130,000,000 ordinary shares of 50 kobo each at 65 kobo per share.
With the new listing, the total issued and fully paid-up shares of Consolidated Hallmark has now increased from 7,000,000,000 to 8,130,000,000 ordinary shares of 50 kobo each.
Excerpts from the NSE X Compliance report for the trading week ended February 1, 2019, show that Niger Delta Exploration Plc, an upstream oil firm may have taken a stake in Consolidated Hallmark Insurance Plc.
According to the notice, 1,130,000,000 ordinary shares of N0.50 were acquired by Niger Delta Exploration & Production Plc at N0.65 per share. Planet capital served as the stockbroker and issuing house for the transaction.
The insurance firm was one of the few that opted to go on with raising capital, despite the National Insurance Commission (NAICOM) scrapping tier based capitalisation requirements. The scrapped rules were what led many insurance firms to raise additional capital in the bid to be at the top tier.
Consolidated Hallmark’s performance
Results for the nine months ended September 30, 2018, show gross premium written increased from N4.5 billion in 2017 to N5.4 billion in 2018. Profit before tax increased from N360 million in 2017 to N422 million in 2018. Profit after tax also rose from N207 million in 2017 to N355 million in 2018.
About Consolidated Hallmark
Consolidated Hallmark Insurance Plc (formerly Consolidated Risk Insurers Plc) was incorporated on 2 August 1991.
The Company changed its name from Consolidated Risk Insurers Plc to Consolidated Hallmark Insurance Plc following its merger with Hallmark Assurance Plc and The Nigerian General Insurance Company Limited in line with the consolidation reform of the National Insurance Commission (NAICOM) announced in 2005. Consolidated Hallmark Insurance Plc came into effect from 1 March 2007.
Consolidated Hallmark Insurance Plc closed at N0.38 in today’s trading session, unchanged from the prior day. Year to date, the stock is down 23.7%. The stock however traded heavy volumes yesterday, with a total of 3.7 million shares valued at N1 million traded in.