Shareholders endorse Consolidated Hallmark Insurance's Holdco structure - The Source

ADVERTISEMENT
  • Landing Page
  • Shop
  • Contact
  • Buy JNews
  • Login
The Source
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament
No Result
View All Result
The Source
No Result
View All Result
Home News

Shareholders endorse Consolidated Hallmark Insurance’s Holdco structure

The Source by The Source
November 1, 2022
in News
0
Shareholders endorse Consolidated Hallmark Insurance's Holdco structure, Consolidated Hallmark
0
SHARES
36
VIEWS
Share on Facebookshare on whatsappShare on Twitter

[ad_1]

Shareholders have approved the proposed Holding Company (HoldCo) for Consolidated Hallmark Insurance (CHI) Plc and all scheme of arrangement pursuant to Section 715 of the Companies and Allied Matters Act, 2020.

The shareholders gave the approval at the company’s Court Ordered Meeting held on Tuesday in Lagos, held both virtually and physically.

In accordance with the Scheme of Arrangement, the 10,840,000,000 ordinary shares of 50k each in the issued and paid-up shared capital of the company and held by the shareholders would be transfered to Consolidated Hallmark Holdings Plc.

The shares would be transfered in exchange for the allotment of 10.84 billion ordinary shares of 50k each in the share capital of the Holdco to the shareholders in proportion to their shareholding in the company to be credited as fully paid.

Addressing the shareholders at the meeting, Mr Obinna Ekezie, the company’s Chairman, said that the HoldCo structure would improve Consolidated Hallmark’s valuation by creating a structure where each susbsidary is able to operate a focused business.

Ekezie added that the HoldCo structure would streamline the Group’s structure to deliver operational and cost synergies to the business.

According to him, the HoldCo structure will ensure that the subsidiaries operate under their separate regulatory requirements.

ALSO READ FROM NIGERIAN TRIBUNE 

“Therefore, the risk that may arise from any of the businesses is isolated and does not necessarily impact all other businesses. This structure also creates a liability tax shield by placing operating companies and their assets in separate entities,” he said.

He also said that the HoldCo structure would enable Consolidated Hallmark pursue other value accretive opportunities that could arise in the near future.

“Consolidated Hallmark intends to take the necessary steps to position the Company for future opportunities across the insurance value chain.

“The Restructure is intended to mark a new chapter for the company and the Group, and enables the entities become intentional about their next phase of growth and impact on the Nigerian Insurance industry,” Ekezie said.

Speaking on the effect of the restructuring on the shareholders, he said the board considers the restructure to be the most appropriate approach to create greater strategic flexibility and improve returns to shareholders.

Ekezie said that at the completion of the restructuring the shares of the HoldCo would be listed on the NGX, while the shares CHI would be delisted.

Speaking at the meeting, Sir Sunny Nwosu, the Founder, Independent Shareholders of Nigeria (ISAN), commended the board and management of the company for being proactive.

Nwosu who described the development as apt said that shareholders would not short changed in the restructuring going by the scheme of arrangement.

He, however, urged the board and management of the company to ensure adherence to the scheme timetable.

[ad_2]

Be the first to read it our next BREAKING NEWS, POLITICS, METRO. Click here to join our WhatsApp group

Previous Post

NEPC stresses need for govt to establish domestic export warehouse in Ogun

Next Post

Gov. Oyetola condoles Davido over son’s death

The Source

The Source

Related Posts

Flash: Olubadan of Ibadanland, Oba Olakulehin, joins ancestors
News

Flash: Olubadan of Ibadanland, Oba Olakulehin, joins ancestors

by The Source
July 7, 2025
Natasha: Senate Speaks on Certified True Copy of judgment
News

Natasha: Senate Speaks on Certified True Copy of judgment

by The Source
July 6, 2025
Gov Adeleke Urges Osun Residents to Support Local Security
News

Gov Adeleke Urges Osun Residents to Support Local Security

by The Source
July 5, 2025
Osun Monarchs Donate Air-conditioners, Computers To Support NUJ’s E-Library Project
News

Osun Monarchs Donate Air-conditioners, Computers To Support NUJ’s E-Library Project

by The Source
July 4, 2025
2025 budget: Senators Query FG’s Borrowings Despite Improved Revenue Targets
News

Osun/Kwara: Monarchs, Stakeholders Advocate for Creation of Igbonamina State

by The Source
July 4, 2025
Next Post
Governor Adegboyega Oyetola and Davido

Gov. Oyetola condoles Davido over son’s death

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tags

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Categories

  • Africa News
  • Business
  • Celebrities
  • Crime
  • Economics
  • Education
  • Entertainment
  • Health
  • HumanAngle
  • News
  • Opinions
  • Parliament
  • Politics
  • Religion
  • Sports
  • Uncategorized
  • World
  • World News

Browse by Tag

Abuja Adeleke APC Aregbesola Atiku Bandits Buhari CBN Chelsea Court Davido EFCC EndSARS FG FIRS Governor Governor Adeleke IGP INEC Kaduna Lagos Muslims Naira Nigeria Nigerian Nigerians NUJ Ondo Ooni Osinbajo Osogbo Osun Osun 2022 Osun govt Osun Poly Osun State Oyetola PDP Police SDP Senate Students Tinubu Tunde Odesola US

Recent Posts

  • Osun People Angry at You, APC for Withholding Council Fund Group Tells Tinubu
  • Flash: Olubadan of Ibadanland, Oba Olakulehin, joins ancestors
  • Natasha: Senate Speaks on Certified True Copy of judgment

© 2022 The Source Nigeria.

No Result
View All Result
  • Home
  • News
  • Politics
  • Education
  • Entertainment
  • Opinions
  • Business
  • Sports
  • Crime
  • World News
  • Parliament

© 2022 The Source Nigeria.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In