Ibile Holdings Secures 51% Stake in LASACO Assurance
Ibile Holdings Limited has raised its stake in LASACO Assurance Plc to 51% as of September 30, 2026, surpassing the 50% ownership threshold. This increase followed LASACO's 2026 rights issue, which saw total issued shares rise from 11.08 billion at the end of December 2025 to 20.32 billion.
The rights offer, priced at N2 per share, allowed existing shareholders to purchase five new shares for every six held, resulting in a combined stake of the two largest shareholders rising to 87.21% from 70.58%. Canon Properties and Investments Limited also increased its stake from 24.66% to 36.21%.
Although the number of free float shares increased, their proportion fell from 21.52% to 12.78%. LASACO's nine-month financial filing indicated a return to profitability after a loss in the same period of 2025, despite a negative operating cash flow of N416.82 million.
The rights issue aimed to strengthen LASACO's capital base and support future growth.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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