Stakeholders of Goldlink Insurance Plc, have given approval for the repositioning of its business through rights issue worth N3.3 billion.
At the annual general meeting of the company in Lagos last week, acting Managing Director, Mrs. Funke Moore, said , “Our recapitalisation will place us in a vantage position and repositions the company to compete favourably. Since the reconstitution of the present board by the regulator in 2016, through regulatory intervention, we have been able to restructure and gradually return to market reckoning.
“When we took over we met huge unsettled claims and staff that is not motivated but today we have reversed the situation.”
Moore stated that funds sourced through this exercise which has already received the approval of the National Insurance Commission, NAICOM, would be ploughed into restructuring the company’s business to return its profitability.
She said explained further that despite the challenging business environment last year, the company opened six offices outside Lagos with N1 billion profit and has equally recorded similar amount in the first quarter of 2018, which is an indication that the company has recovered financially.
