Royal Exchange Dips by N579m to N5.621 Billion
Royal Exchange Plc market value declined by about N579 million in a week to close at N5.621 billion on the Nigerian Bourse due to sell pressure on insurance stocks.
In its earnings forecast posted in July, Royal Exchange Plc hinted that the insurance company would record loss after tax of N817 million.
Data from the Nigerian Exchange showed that the insurance company share price fell by 6.8% to 68 kobo on Friday from 75 kobo at the beginning of the week.
At the current market price, Royal Exchange is trading at 35.85% discount to its 52 week high in the equities market.
The Insurance company share price had rose to N1.06, the highest it had reached in the last 12 months. The market is now pricing Royal Exchange 8,266,698,940 shares outstanding for N5.621 billion.
Shareholders
Eight shareholders has 55.1% stake in Royal Exchange Plc as of June, 2024, the company’s unaudited financial statement reviewed by MarketForces Africa showed.
Of this, KACIO Global links Limited has 25/37% shareholding followed by Dantata Investment and Securities Company with 11.58% shareholdings.
Other include Far East Finance & Investment Limited (5.48%). Phoenix Holdings Limited (4.12%), Chief (Dr) Sunny Dike Odogwu (OFR) (3.41%). Others include Helen and Troy Holdings Limited (3.15%), DE-CANON INVESTMENT LTD (1.90%).
In addition, Royal Exchange directors have combine 27.97% shareholding in the insurance company.
In June, Royal Exchange Plc said it has 2,163,437,096 free float units of shares as at June 30, 2024, in compliant with The Exchange’s free float requirements for companies listed on the Main Board. #Royal Exchange Dips by N579m to N5.621 Billion
