AXA MANSARD PLANS N18.3BN RIGHTS ISSUE

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AXA Mansard Insurance Plc is seeking shareholders’ approval to raise up to N18.3bn through a rights issue as part of efforts to strengthen its capital base.

The proposal is contained in the notice of the company’s 34th Annual General Meeting scheduled for October 9, 2026.

Under the proposed offer, new ordinary shares of N2 each will be issued to existing shareholders in proportion to their current holdings. The final size of the offer, number of shares, issue price and other terms will be determined by the company’s board, subject to regulatory approval.

Shareholders will also be asked to authorise the board to increase the company’s issued share capital by the number of new shares issued under the rights issue, including any oversubscription.

The company said shares not taken up during the offer period could be made available to existing shareholders who indicate interest in purchasing additional shares, subject to applicable regulations.

AXA Mansard will also seek approval to amend its Memorandum and Articles of Association after the completion of the rights issue to reflect the increased share capital.

The proposed capital raise is among the major resolutions to be considered at the AGM, alongside the company’s audited financial statements for the year ended December 31, 2025.

The rights issue remains subject to approval from the relevant regulatory authorities.