REGENCY ALLIANCE SIGNS 3.2BN SHARE RIGHTS ISSUE

Regency Alliance Insurance Plc has successfully signed a N3.2 billion share rights issue as part of its capital raising efforts to strengthen its balance sheet and expand operations in the competitive insurance market.

The rights issue, which was oversubscribed, was formally executed with key institutional investors and existing shareholders. Company officials described the move as a strategic step to enhance financial capacity and support growth initiatives. Regency Alliance Managing Director, Mr. Tunde Odunlade, expressed satisfaction with the outcome. “This capital injection demonstrates strong confidence in our vision and long-term prospects,” he said.

The proceeds will be used to improve underwriting capacity, invest in technology, and expand the company’s footprint across key markets. The successful rights issue is expected to bolster investor confidence and position the insurer for improved performance in the coming years.

Industry analysts have welcomed the development, noting that well-capitalised insurance companies are better equipped to manage risks and deliver value to policyholders.

Regency Alliance has pledged to maintain high standards of corporate governance as it utilises the new capital.