Proshare NI

September 01, 2008 at 12:17 GMT

Equity Assurance Plc (EA) N7.0 billion hybrid offer has finally opened today September 01, 2008 in Lagos Nigeria. Ibidolapo Balogun, Group Managing Director/Chief Executive Officer (GMD/CEO) of the company confirmed this to Proshare NI.

He confirmed to Proshare NI that Securities and Exchange Commission (SEC) has finally given the Equity Assurance the approval to open the offer; following the earlier hitches it had with the apex Capital Market regulator.

“SEC has finally given us the approval to commence the offer following the earlier problems we had with� Balogun said.

Balogun also confirmed to Proshare NI that Equity Assurance would tomorrow finally launch the offer in Lagos Nigeria.

Though as at the time of filling in this report, Proshare NI could not get further details as regards the launch of the Equity Assurance hybrid offer.

To raise the N7.0 billion, the insurance company is offering by way of offer for subscription 1,500,000,000 Ordinary Shares of 50 Kobo each at N3.50 Kobo per share.

And Rights Issue of 707,000,000 units of 50 Kobo each at N3.00 per share.

The application which opened today September 01, 2008 would close September 30, 2008.