Royal Exchange Plc Records 75.83% Subscription in Rights Issue


Royal Exchange Plc, a life assurance, health insurance, and credit financing group, concluded its rights issue with a subscription rate of 75.83%, falling short of full subscription.

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According to the Nigerian Exchange Limited’s weekly report, Royal Exchange’s rights issue of 4,116,296,059 ordinary shares at N0.50 per share was completed, resulting in the listing of an additional 3,121,328,866 ordinary shares on the NGX.

The report stated, “Additional 3,121,328,866 ordinary shares of 50 Kobo each at N0.50 per share of Royal Exchange Plc (Royal Exchange or the Company) were listed on the Daily Official List of NGX. The offer was 75.83 per cent subscribed.”

With the listing of these additional shares, Royal Exchange’s total issued and fully paid-up shares have increased from 5,145,370,074 to 8,266,698,940 ordinary shares of 50 kobo each.

The rights issue involved offering four ordinary shares for every five existing ordinary shares held as of March 6, 2023, with each share priced at N0.50.

Royal Exchange’s unaudited 2023 report showed significant growth in earned income, rising by 253% to N882.32 million from N249.61 million the previous year. This growth was driven by increases in net interest income and share of profit/loss on investment in associates, totaling N591.55 million.

As a result of improved earnings, the company reported a profit of N46.09 million, compared to a loss of N150.47 million in 2022, leading to restructuring efforts to focus on asset management.

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Gbenga Samson
Gbenga Samson
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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