• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Shareholders endorse company structure for Consolidated Hallmark Insurance

Insurance

The Matters Press by The Matters Press
November 1, 2022
Reading Time: 2 mins read
0
CIIN president tasks Insurance directors on manpower development

Shareholders have endorsed the proposed Holding Company (HoldCo) structure and scheme of arrangement for Consolidated Hallmark Insurance (CHI) Plc, pursuant to Section 715 of the Companies and Allied Matters Act, 2020.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

The shareholders gave the approval at the company’s Court Ordered Meeting held on Tuesday in Lagos both virtually and physically.

The shareholders at the meeting approved all resolutions.

In accordance with the Scheme of Arrangement, the 10,840,000,000 ordinary shares of 50k each in the issued and paid-up shared capital of the company and held by the shareholders would be transfered to Consolidated Hallmark Holdings Plc.

The shares would be transferred in exchange for the allotment of 10.84 billion ordinary shares of 50 kobo each in the share capital of the Holdco to the shareholders in proportion to their shareholding in the company to be credited as fully paid.

Addressing the shareholders at the meeting, Mr Obinna Ekezie, the company’s Chairman, said the HoldCo structure would improve Consolidated Hallmark’s valuation by creating a structure where each susbsidary would be able to operate a focused business.

Ekezie added that HoldCo structure would streamline the Group’s structure to deliver operational and cost synergies to the business.

According to him, the HoldCo structure will ensure that the subsidiaries operate under their separate regulatory requirements.

“Therefore, the risk that may arise from any of the businesses is isolated and does not necessarily impact all other businesses.

“This structure also creates a liability tax shield by placing operating companies and their assets in separate entities,” he said.

He also said the HoldCo structure would enable Consolidated Hallmark pursue other value accretive opportunities that could arise in the near future.

“Consolidated Hallmark intends to take the necessary steps to position the Company for future opportunities across the insurance value chain.

“The restructure is intended to mark a new chapter for the company and the Group, and enables the entities become intentional about their next phase of growth and impact on the Nigerian Insurance industry,” Ekezie said.

Speaking on the effect of the restructuring on the shareholders, he said the board considered the exercise to be the most appropriate approach to create greater strategic flexibility and improve returns to shareholders.

Ekezie said at the completion of the restructuring the shares of the HoldCo would be listed on the NGX, while the shares of CHI would be delisted.

Speaking on behalf of the shareholders, Sir Sunny Nwosu, the founder, Independent Shareholders of Nigeria (ISAN), commended the board and management of the company for being proactive.

Nwosu who described the development as apt said shareholders would not be short-changed in the restructuring going by the scheme of arrangement.

He, however, enjoined the board and management of the company to ensure adherence to the scheme’s timetable.

Tags: Insurance
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
Buhari flags off AKK gas project

Nigeria’s investment in mining paying off - Buhari

Maritime sector critical to economic growth — Shippers

Maritime expert gives advice on ship boarding

Recommended Stories

“Naira-4-Dollar” getting results

Naira gains marginally by 0.04% at Investors, Exporters window

February 22, 2023
SON sure to certify 75% products in Enugu, Ebonyi states by 2023

Energy experts partner SON on safety standards for Nigeria

June 19, 2022
IMF raises alarm over Nigeria’s economy, but supports reform efforts

FG allocates 50% intervention initiative to boost women businesses

September 14, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us