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Nairaland Forum / Nairaland / General / Business / Adverts / Private Placement On African Alliance Still Available (1960 Views)
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Private Placement On African Alliance Still Available by Mugabe(m): 9:18am On May 28, 2008 |
AFRICAN ALLIANCE INSURNCE COMPANY LIMITED PRIVATE PLACEMENT!!! BREIF HISTORY African Alliance Insurance Company was incorporated in 1960 and was the first indigenous insurance company to carry out the business of life assurance in Nigeria. The company was originally set up in partnership with Munich Reinsurance Company of Germany, the largest Reinsurance Company in the world. Munich-Re still retains a minority interest in the Company on need basis. SERVICES Individual Business Personal Pensions Plans Master Policy Dynamic Endowment Policy The Rich Guardian Endowment Policy Mortgage Protection Policy Money Appreciation Plan Term Assurance Group Business Pension & Gratuity Plans Group Endowment Assurance Group Term Assurance Deposit Administration BOARD OF DIRECTORS AND MANAGEMENT The Board. Alhaji Rasaki Oladejo - Chairman Engr. Cyril Umunna Ajagu - Executive Vice Chairman Chief (Dr) Abel Nwankwo JP - Director Barr Chinedu Eze - Director Barr Jasper Nduagwuike - Director The Executive Management Team Mr. A.O. Okpor - MD/CEO Mr. Vincent I. Emezi - Agency Operations Mrs. Funmi Omo - Technical Operation Mr. Biodun Salami Controller Mrs.Ngozi Onuora HR/Corporate Service SUMMARY OF PLACEMENT Issuer - African Alliance Insurance Company Share Capital - Authorized: =N= 15,000,000 into 30,000,000 Ordinary Shares of 50k each Issued and fully paid: =N= 3,350,000,000 divided into 6,700,000,000 Ordinary shares of 50k each. Now being offer: 10,000,000,000 Ordinary shares of 50k each at =N= 2.50k per share. Purpose of the Issue - This placement is being undertaken to strengthen the company’s capital base to enable it take advantage of the emerging opportunities in the economy. Units of Sale - Minimum of 1,000,000,000 Ordinary shares and in multiples of 500,000 thereafter Likely Listing Price - =N= 3.50 Likely listing Period Within 90 Days from placement date. COMPANY’S PROFIT FORECAST 2008 2009 2010 =N= =N= =N= Gross Premium Written 5,125,000,000 7,175,000,000 10,045,000,000 Investment Income 4,750,000,000 6,650,000,000 9,310,000,000 Total Income 9, 875,000,000 13,825,000,000 19,355,000,000 Profit Before Tax 6,031,250,000 8,443,750,000 19,355,000,000 Tax (1,809,375,000) (2,533,125,000) (3,546,373,000) Profit After Tax 4,221,875,000 5,910,625,000 8,274,875,000 Transfer to Statutory Reserve (633,281,250) (886,593,750) (1,241,231,250) Dividend (1,688,750,000) (2,364,250,000) (3,309,950,000) Profit to transfer to Reserve 1,899,843,750 2,659,781,250 3,723,693,750 Share Capital (Units) 16,700,000,000 16,700,000,000 16,700,000,000 Dividend Per Share (Kobo) 0.10 0.14 0.20 Earnings Per Share (Kobo) 0.25 0.35 0.50 PLEASE CONTACT PATRICK@MAVEN ASSETS ON 08020748220 OR 07025290133 OR patrick4u2006@yahoo.com |
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