Cross Section of WAICA Re Directors after the 10th Annual General Meeting in Accra, Ghana.
BY NKECHI NAECHE-ESEZOBOR--WAICA Reinsurance Corporation (WAICA Re), has announced a total share capital increased of US$ 88,438,695 as at 31 March 2023 from US$ 64,876,456 as at 31 December 2022
This the reinsurance giant attributed this to it’s Rights issue, which took place on February 16, 2023 to March 10, 2023, was in a ratio of 1 new share for every 4.9177 existing ordinary shares.
It added that unaudited total shareholders fund increased to US$ 161,555,358million as at 31 March 2023 from audited position of US$132,611,560 as at 31 December 2022.
Speaking at its 2022 Annual General Meeting(AGM) in Accra, Ghana, over the weekend, the Group chairman, Kofi Duffuor,
announced the result of the rights issue involving 10,000,000 ordinary shares of par value of $1 and at price of US$ 2.72 per share in a renounceable Rights Issue.
On recapitalisation, he said, will strategically position the Corporation to underwrite larger businesses, especially, in the oil and gas sector among others, expansion of ICT infrastructure, undertake some equity investments and to ensure a strong balance sheet that will make it more competitive in the reinsurance market.
The additional capital, he assured, “will also augment our working capital, enable us to strengthen our subsidiaries and boost investments income.’
Looking forward, he said, the Group will continue the implement its 3-year business plan from 2022 to 2024, promising that the enabling environment in its operating countries offers great hope to achieving the growth targets set out in the plan.
“We are optimistic of achieving these medium-term goals to position the Group strongly towards becoming one of the largest indigenous reinsurers in the world,” he said.
