Nigerian bourse lists New insurance firm


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Nigerian bourse lists New insurance firm

The Universal Insurance Plc has joined the league of quoted companies at the Nigerian Stock Exchange (NSE), as it listed 16 billion ordinary shares of 50k at 1.84 naira per share on Monday. The entrance of Universal Insurance Plc has increased the number of companies listed under the Insurance sub-sector to 25. Speaking during the ceremony, Vice-Chairman of the Company, Cyril Ajagu, told investors that the management of the firm had repositioned it for the challenges of its new status as a quoted company. “The company was virtually dormant untill 2004 when it was bought over by the present core investors. As at today (Monday), the company has an authorised share capital of 8 billion naira, comprising 16 billion ordinary shares of 50k each fully paid,” Ajagu said. “The shareholders fund is well over 9 billion naira and a strong asset base of over 10 billion naira. The profitability of the company has soared significantly as profit after tax moved from 305 million naira in 2006 to 576 million naira in 2007. This is a clear indications of the improvement strategies adopted by the new management,” the firm official added.

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