Lasaco Assurance Completes ₦11.10bn Private Placement

Lasaco Assurance Plc has successfully concluded a private placement of 9,250,000,000 ordinary shares of 50 kobo each at ₦1.20 per share, raising a total of ₦11.10 billion.

The exercise, which commenced on Monday, September 23, 2024, and ended on Friday, October 4, 2024, was fully subscribed, reflecting strong investor confidence in the company’s prospects.

The company recently disclosed that all 11 applications received during the offer complied with the stipulated terms and conditions. As a result, the applications were accepted and allotted in full. Among the applications, smaller subscriptions included 13,000,000 shares valued at ₦15.6 million and 85,000,000 shares valued at ₦102 million, each distributed across two applicants. Larger applications ranged from 267,002,000 shares, worth ₦320.4 million, to the largest single subscription of 4,583,332,000 shares, valued at ₦5.49 billion.

The Securities and Exchange Commission (SEC) has registered the shares, which will be credited to the Central Securities Clearing System Plc (CSCS) accounts of allottees by Wednesday, January 15, 2025. Apel Capital Registrars Limited, the registrars for the private placement, will oversee the crediting process to ensure a smooth and timely distribution of the shares.

Lasaco Assurance noted that the successful private placement would bolster its capital base, enabling the company to expand its operations in both life and general insurance. This achievement represents a significant milestone in its strategic growth plan, signalling its readiness to seize emerging opportunities in the Nigerian insurance market.

With the conclusion of this ₦11.10 billion capital raise, Lasaco Assurance Plc reaffirms its commitment to driving sustainable growth and delivering value to its stakeholders.