Wapic Insurance PLC is seeking the Nigerian Stock Exchange's approval for a rights issue of 15,613,194,623 ordinary shares of 50 kobo each to existing shareholders.
The Lagos, Nigeria-based company will offer 7 new ordinary shares for every 6 ordinary shares held, at an issue price of 38 kobo per share. The qualification date for the rights issue was Sept. 19.
As of Sept. 19, US$1 was equivalent to 359.99 Nigerian naira.
