In line with it’s recapitalization plans, LASACO Assurance Plc has received approval from the Corporate Affairs Commission (CAC) to increase its Authorized Share Capital from 10 billion units to 20 billion units.
The Managing Director of the company, Mr. Segun Balogun, disclosed this in a media interview in Lagos recently.
He said the problem is not increasing the authorized share capital to accommodate the increase, but where to get the money, adding that the majority shareholders of the company are solidly in support of their recaplitalisation plans.
According to him, “We recently got approval from the Corporate Affairs Commission (CAC), saying that our authorised share capital has been increased from 10 billion units to 20 billion units.
“What this means is that we have almost 18 billion units of shares to issue. The challenge is not increasing the authorized share capital to accommodate the increase we want to do. The issue is where the money will come from.
“So, what we have done as a company because we have about 37,000 shareholders. Our top 50 shareholders control about 70 per cent of the shareholding and we have top 10 controlling almost 60 per cent. We have engaged these top 10 shareholders revealing our plan to them and they have given us permission to go ahead our plans promising to bring in money because we give them good dividend.