AXA Mansard to Offer Untaken Rights Shares to Investors

AXA Mansard Insurance Plc (NGX: MANSARD) intends to open shares left untaken by existing shareholders from its proposed N18.3bn rights issue to other interested investors. This decision follows shareholder approval at the company's 34th Annual General Meeting held virtually on 9 October 2026, as confirmed by Company Secretary Mabel Adewusi.

The approved rights issue will involve issuing new ordinary shares of N2 each to existing shareholders in proportion to their holdings, pending regulatory approvals. Shareholders who do not take up their entitlements will allow some shares to be allocated to other interested investors.

The board has been authorized to determine the final offer size, number of shares, offer price, and other transaction terms. The fundraising aims to provide additional equity for AXA Mansard's operations and business plans, although final terms and a timetable have not yet been disclosed.

The company will also amend its memorandum and articles of association to reflect any increase in issued share capital following the transaction.