ARM Life Plc, a life insurance company quoted on the NASD Plc, plans to raise about N984 million from existing shareholders as it seeks to consolidate its operations.
Preliminary issuance details indicate that the firm plans to offer about 1.93 billion ordinary shares of 50 kobo each to existing shareholders at 51 kobo. The rights issue shares will be pre-allotted on the basis of one new ordinary share of 50 kobo each for every three ordinary share of 50 Kobo each held as at the close of business on February 25, 2016.
Trading on the rights issue shares are expected to start tomorrow on the NASD and it will run till June 29, 2016.
ARM Life is licensed and regulated by the National Insurance Commission of Nigeria (NAICOM) to underwrite life, annuity and health insurance.
Formerly known as CrystaLife Assurance Plc, it is the subsidiary of Asset & Resource Management Company (ARM) Limited. Its parent company, ARM is one of the largest non-bank financial services firms in Nigeria with a focus on asset management and it currently manages total assets of over N500 billion.