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ACEN Insurance Company Goes Public By Nnamdi Duru ACEN Insurance Company Plc, the sixteen years old underwriting firm out to be a professional and responsible provider of innovative financial services in a manner that guarantes solid protection, has received the approval of the Nigerian Stock Exchange (NSE) on the proposed listing of its shares on the floor of the exchange. The Acting Secretary of the NSE Quotation Committee, Mrs. Josephine Igbinosun in a letter to the Managing Director of the underwriting firm, Mr. Babatunde Oshadiya conveyed the approval to this effect. The letter titled, "Re: ACEN Insurance Company Plc, Application for Approval of Quotation and Listing by Introduction of 500 Million Ordinary Shares of 50 Kobo Each at 65 Kobo Per Share", Igbinosun said that the normal dealing on the company's stocks would commence in earnest. "We write to inform you that the above stated application, which came before the Quotation Committee of Council on Thursday August 26, 2004 was duly approved. We shall require a letter from the issue, indemnifying the Exchange against loss or damages and legal fees should this exercise give rise to any litigation. "Normal dealings in the securities will commence when general pre-listing requirements have been satisfied, the general undertaking and declaration of compliance received in our offices and CSCS eligibility fees paid", she stated. Meanwhile, the company last year raked in N235.45 million gross premium. Its profit before tax stood at N32.97 million while its profit after tax peaked at N26.7 million. Its paid-up share capital as at the end of last year was N200 million, up from N78.85 million while its shareholders' fund peaked at N398.38 million. The company has also appointed a new Chairman. He is Mr. Folusheke Phillips and he took over from Chief S. O. Fadahunsi. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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