Royal Exchange Plc, a life assurance, health insurance, and credit financing group, concluded its rights issue with a subscription rate of 75.83%, falling short of full subscription.
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According to the Nigerian Exchange Limited’s weekly report, Royal Exchange’s rights issue of 4,116,296,059 ordinary shares at N0.50 per share was completed, resulting in the listing of an additional 3,121,328,866 ordinary shares on the NGX.
The report stated, “Additional 3,121,328,866 ordinary shares of 50 Kobo each at N0.50 per share of Royal Exchange Plc (Royal Exchange or the Company) were listed on the Daily Official List of NGX. The offer was 75.83 per cent subscribed.”
With the listing of these additional shares, Royal Exchange’s total issued and fully paid-up shares have increased from 5,145,370,074 to 8,266,698,940 ordinary shares of 50 kobo each.
The rights issue involved offering four ordinary shares for every five existing ordinary shares held as of March 6, 2023, with each share priced at N0.50.
Royal Exchange’s unaudited 2023 report showed significant growth in earned income, rising by 253% to N882.32 million from N249.61 million the previous year. This growth was driven by increases in net interest income and share of profit/loss on investment in associates, totaling N591.55 million.
As a result of improved earnings, the company reported a profit of N46.09 million, compared to a loss of N150.47 million in 2022, leading to restructuring efforts to focus on asset management.
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