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Real Estate Conference to hold in Nigeria
Real estate news By Browse.com.ng
Tuesday, October 30, 2007
In order to fulfill its aim of leading and delivering excellent services to its customers in the insurance industry, the shareholders of Mutual Benefit Assurance Plc has approved of the company to raise an additional N10 billion from the capital market to increase the company’s capital base. Chief Chamberlain Oyibo, Chairman of the company, while addressing the shareholders said the company decided to raise an additional capital in order to boost its working capital which will later yield better returns to its investors.
The shareholders certify the directors to determine the offer price of the fund which would be raised by way of subscription or through loans, equity, debt or a hybrid in accordance with the approval of the regulatory authourities. Mr. Akin Ogunbiyi, Managing Director and CEO said the fund to be raised would enable the underwriting firm perform actively in the oil and gas business.
Ogunbiyi stated that the interest of the Augustus Group, a foreign investor, had been secured and it held 25% of the company’s stake. He said the company would take its leadership position in the country by meeting the expectation of its stakeholders.
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