Insurance firm, Consolidated Hallmark Insurance Plc, has converted to a private company following the completion of its restructuring.
In a notice filed with the Nigerian Exchange Limited on Wednesday, the Company Secretary, Rukevwe Falana, said the restructured company has been re-registered with the Corporate Affairs Commission.
The notice read, “This is to notify Nigerian Exchange Limited and the public that, following the Scheme of Arrangement – dated October 13, 2022 – executed by Consolidated Hallmark Insurance Plc (the Company), and the completion of the Company’s re-registration at the Corporate Affairs Commission as a Limited Liability Company (from the previous designation as a Public Limited Liability Company), the name of the company is now: CONSOLIDATED HALLMARK INSURANCE LIMITED. Henceforth, the Company will operate under the name indicated above.
“The completion of the re-registration of the Company – as a Limited Liability Company – signifies the completion of all formalities in connection with the Company’s restructure and transition to a Holding Company Structure. Consolidated Hallmark Holdings Plc – the group parent Company – was listed on Nigerian Exchange Limited on November 27, 2023.”
The parent company of the insurance firm, Consolidated Hallmark Holdings Plc had listed over 10.84 billion of its shares on the NGX at N0.50 per share.
On November 20, 2023, the NGX fully suspended trading of the insurance company shares as it prepared to delist from the market and list its HoldCo (Consolidated Hallmark Holdings Plc).
The delisting of Consolidated Hallmark and listing of Consolidated Hallmark HoldCo on NGX is under the Scheme of Arrangement between Consolidated Hallmark and the holders of its fully paid ordinary shares of 50 Kobo each as approved by the Securities and Exchange Commission and sanctioned by the Court.
The delisted company held the court-ordered meeting on November 1, 2022, where shareholders approved the transition of the company into a holding company. However, it wasn’t until after an emergency board meeting held on November 15, 2023, that the NGX suspended trading in the stocks of the company.
The shares of Consolidated Hallmark Holdings Plc closed trading flat on Wednesday at N1.56. The firm has a market capworth N16.91bn.
