The shares of AXA Mansard Insurance Plc will tomorrow, Thursday, September 9, 2021, go on full suspension by the Nigerian Exchange Limited to enable the board to undertake the planned reconstruction of its shares for enhanced its shareholders’ register update.

A statement posted on the NGX portal Tuesday and signed by Mrs. Omowunmi Mabel Adewusi, the company secretary, assured that “once this is concluded, the suspension will be lifted and trading on the shares shall recommence.”

Following the reconstruction which will see the company’s shares in issue reduced by three-quarters of the number, the share price would become N2.00 post-reconstruction, from the present N0.50 per share, thereby ensuring that shareholders do not lose the value of their investment.

The reconstruction was primarily approved at an Extraordinary General Meeting of AXA Mansard Insurance Plc held on Monday, December 7, 2020, where, according to the statement, the board “secured the approval of its shareholders for the share reconstruction/redenomination.”

Thereafter, the company got the necessary regulatory approvals from its primary regulator- the National Insurance Commission (NAICOM) on Monday, July 19, 2021, and that of the Securities & Exchange Commission (SEC) on Monday, August 16, 2021, the statement added.