Consolidated Hallmark has officially informed the Nigerian Exchange (NGX) and the public about the successful completion of its re-registration with the Corporate Affairs Commission (CAC) as a Limited Liability Company.
This announcement, published on the NGX disclosure page on November 13, 2024, and signed by the company’s secretary, Rukevwe Falana, signifies a pivotal shift in the company’s corporate structure.
Consolidated Hallmark Insurance Plc, previously operating as a Public Limited Liability Company, has now transitioned to a Limited Liability Company under the name CONSOLIDATED HALLMARK INSURANCE LIMITED.
According to the disclosure:
“This is to notify Nigerian Exchange Limited (NGX) and the public that, following the Scheme of Arrangement dated October 13, 2022, executed by Consolidated Hallmark Insurance Plc (the Company) and the completion of the company’s re-registration at the Corporate Affairs Commission as a Limited Liability Company (from the previous designation as a Public Limited Liability Company).”
The company further emphasized:
“Henceforth, the company will operate under the name CONSOLIDATED HALLMARK INSURANCE LIMITED.”
What to know
- The re-registration completes the formalities of the company’s restructuring, marking a key step in its strategic transition to a holding company structure.
- This move is expected to enhance operational flexibility while reducing regulatory and compliance burdens.
- Moreover, it likely positions the company to better focus on core operations and long-term objectives, with reduced pressures from public market oversight.
Market performance
Consolidated Hallmark has demonstrated a strong performance trend in the Nigerian stock market this year, reflecting the broader positive momentum within the insurance sector.
- At the start of 2024, the company’s shares traded at N1.50, accompanied by a significant market volume of 259 million.
- Although the stock dipped to N1.33 in February, it recovered strongly in March, closing at N1.63, before undergoing a mid-year consolidation that brought prices down to N1.30 by July.
- Since then, the stock has rallied, climbing over 20% to trade above N1.50 as of November 13, 2024, and now looks poised to challenge the N2.00 level.
About Consolidated Hallmark
Established in 1991 and headquartered in Lagos, Nigeria, Consolidated Hallmark Holdings operates as a leading provider of insurance and financial services through its subsidiaries.
The company provides a diverse portfolio of insurance products, including travel, marine, comprehensive motor, fire and burglary, aviation policies, and more.
Additionally, it provides financial management consultancy, portfolio management, and a variety of short- and long-term financing options such as auto leasing, project financing, and consumer leasing.
This strategic restructuring is expected to position Consolidated Hallmark Insurance Limited for sustained growth and enhanced value delivery to stakeholders.