Regency Alliance Insurance Plc has said that its Board of Directors approved a multi-phased capital-raising programme comprising, among other initiatives, a private placement targeted at strategic investors.
The insurance company said this decision is part of its recapitalisation strategy and in furtherance of the minimum paid-up share capital requirements prescribed by the National Insurance Commission (NAICOM).
The private placement of 7,368,421,052 ordinary shares of Regency Alliance Insurance Plc is designed to strengthen the Company’s capital base, improve solvency Margins, enhance underwriting capacity, support business expansion and fund key investments in technology, product innovation, and customer experience.
The formal signing ceremony, which was held on Friday, July 10, is another major milestone, setting the stage for the next phase of its capital raise and strategic expansion.
The signing ceremony, which held at the Company’s headquarters in Lagos, brought together members of the Board of Directors, Management, Issuing Houses, Legal Advisers, Stockbrokers, and other key stakeholders in a strong demonstration of confidence in Regency Alliance’s future.
