Application list for the ongoing capital raising by Wapic Insurance Plc closes today. The rights issue, which opened on Wednesday, November 20, 2019, was initially scheduled to close on Tuesday, December 31, 2019, but was extended to today, Friday, January 10, 2020.
Wapic Insurance is offering 15.61 billion ordinary shares of 50 kobos each to existing shareholders at 38 kobos per share. The rights issue had been pre-allotted to shareholders on the register of the insurance company as at the close of business on Thursday, September 19, 2019, on the basis of seven new ordinary shares of 50 kobos each for every six ordinary shares of 50 kobos each already held.
The insurance company will use the net proceeds to beef up its capital base ahead of the regulatory deadline for new minimum capital requirements for insurance functions.
