Linkage Assurance Plc has sought to increase its authorised share capital from N7.5 billion to N15 billion. The share capital will be increased by the creation and addition thereto, of 15 billion ordinary shares of 50 kobo each; such new shares will rank paripassu in all respects with the existing Ordinary Shares Capital of the Company.
The company also sought to consider “that Clause 6 of the Memorandum of Association and Article 6 of the Articles of Association of the Company be and are hereby amended to reflect the new authorized share capital of N15 billion divided into 30 billion Ordinary shares of 50 kobo each.
In view of the new development, Nairametrics understands Linkage Assurance’s share capital would be raised ahead of the deadline given by the National Insurance Commission (NAICOM) for insurance firms to recapitalise.
What you should know: Recall that NAICOM recently announced an increment in the minimum paid-up share capital of insurance and reinsurance firms.
In the circular signed by NAICOM‘s Director of Policy, Pius Agboola, the Commission said the new minimum paid-up share capital requirements would become effective from the commencement date of the circular for new applications, while existing insurance and reinsurance companies shall be required to fully comply not later than June 30, 2020.
About the company: Linkage Assurance Plc was incorporated in Nigeria on March 26, 1991 as a private limited liability company and was licensed to cover and transact non-life insurance businesses on October 7, 1993. The company commenced its operations in January 1994.
In 2003, the company became a public limited liability company and the company’s shares, which were quoted on the NSE were first listed on November 18 of the same year.
Linkage Assurance currently trades 51 kobo on the floor of the Nigerian Stock Exchange (NSE).