Fortis Global Lists N12bn Debt Conversion Shares On NGX

Fortis Global Insurance Plc has listed 15 billion additional ordinary shares on the Nigerian Exchange Limited (NGX) following the conversion of N12bn debt into equity, expanding the company’s share capital and strengthening its balance sheet.

The Nigerian Exchange, in a market bulletin issued to Trading Licence Holders, said the additional ordinary shares of 50 kobo each were admitted to its Daily Official List.

According to the Exchange, the newly listed shares arose from the insurer’s conversion of N12 billion debt into equity at a conversion price of N0.80 per share. The transaction resulted in the issuance of 15 billion new ordinary shares.

Following the listing, Fortis Global Insurance’s total issued and fully paid-up share capital increased from 3,227,757,647 ordinary shares to 18,227,757,647 ordinary shares of 50 kobo each, representing more than a fivefold increase in the company’s outstanding shares.

A debt-to-equity conversion allows a company to replace outstanding debt obligations with equity, reducing leverage while improving its capital structure.

The move is often used by companies seeking to strengthen their financial position, enhance liquidity, and meet regulatory capital requirements.

The listing further increases the number of Fortis Global Insurance shares available for trading on the NGX and reflects the company’s ongoing capital restructuring efforts aimed at reinforcing its financial base.