The management of Regency Insurance Plc, on Friday informed the Nigerian Stock Exchange (NSE) of the merger of its Ghana subsidiary with NEM Insurance Company Limited Ghana, whose parent is also listed on the Lagos-based bourse.
The merger, according to Anu Shobo, company secretary of Regency Alliance Plc, followed “the directive of the National Insurance Commission, Ghana for all insurance companies in Ghana to recapitalize, our subsidiary in Ghana, Regency Alliance Insurance Limited had to merge with another company in Ghana, NEM Insurance Company Limited Ghana.”
The product of the merger, the statement added, “is now known as RegencyNem Insurance Limited, Ghana.”
Not having controlling shares of the emergent company, following the reduction of its equity holding, “the company is therefore now regarded as an associate company of Regency Alliance Plc,” the statement added.