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Written by Oladele Ayeleso Friday, 20 January 2012
In a filing at the Nigerian Stock Exchange (NSE), the company also forsees a profit after tax of N137.54 million during the first quarter.
The company had disclosed its preparedness for possible recapitalisation to shore up the capital base of the company.
The Group Managing Director CHI, Mr Eddie Efekoha, speaking at the company’s 16th Annual General Meeting in Lagos, said the company was not opposed to recapitalisation going by the current nature of business in the financial services sector of the economy in the country.
Efekoha noted that the company would consult its shareholders who, over the years, had received returns on investment whether they would want to make additional investment into the company.
He said the company had continued to pay dividend to the shareholders despite the challenge posed by the financial crisis in the country.
Efekoha noted that within the year under review the company paid N180million as dividend to members which translates to a dividend of 30kobo per share.
He explained that insurance companies since the last recapitalisation era had been involved in self-regulation and recapitlisation and believed that any call by National Insurance Commission for recapitalisation would not take the industry operators unawares.
He noted that if combining forces would bring the best out of the industry, so be it, adding that what the industry was getting today was bigger that what it was getting before the last recapitalisation in 2007.
Efekoha disclosed that the company, in line with its effort to foray into other areas of financial services, had acquired a subsidiary called Grand Treasures Limited, a finance company licensed by the Central Bank of Nigeria (CBN).
He noted that the company was directly acquired by CHI Capital Limited, another subsidiary of the company, adding that its activities would revolve around asset leasing (consumer lease, auto lease), LPO financing, short term loans, commercial papers financing and trade finance.
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