Nigeria's Regency Alliance Insurance Gets Listed on the Stock Exchange
SmartProInvesting.com 27-05-2008
Nigerian insurance company, Regency Alliance Insurance, today had its shares listed on the Nigerian Stock Exchange by introduction. That makes the company a public company and gives interested Nigerians and foreigners the opportunity to buy into the company on the floor of the Exchange.
The company's 4,850,000,000 ordinary shares of 50 kobo each were listed at the price of N1.75 per share. That listing swells the number of listed insurance companies to some 34. This listing is coming on the heels of recent listings of Goldlink Insurance Plc, Hallmark Insurance Plc, Universal Insurance Plc and Investment and Allied Insurance Plc.
Addressing dealing members of the exchange during the listing ceremony, an elated Mr Bisi Otegbeye, Managing Director, Regency Alliance Insurance Plc declared “There was a milestone development in the company in 2007, when it merged with three other insurance companies - Nigerian Alliance Assurance Corporation Limited, Destiny National Company Limited and Capital Express General Insurance”.
He spoke of the expansion plans of the company designed to see it expanding soon even beyond our shores. Already, there are plans to extend operations to other African countries like The Gambia, Sao Tome, etc. The company is also diversifying into property investment and micro finance banking services, through subsidiaries its setting up.
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