The Managing Director of Prestige Assurance Plc,Balla Swamy has promised the shareholders a good dividend next year,saying that it settled for a bonus in the current year in order to clean its books.
He also promised that the company is set to meet a top line of N4.6billion by the end of this year and so the shareholders should be happy that their company has turned round the corner.
It would be recalled that the company achieved a gross premium of N3.8billion as against N2.6 billion made in 2016 and a profit after tax of N531 million compared to N221.9 million recorded in the previous year.
The shareholders during the meeting held at Mosum Centre,Onikan ,Lagos approved the bonus of 41 new shares for every 100 held recommended by the board and authorized the Directors to issue bonus shares from its share premium account in the sum of N782,569,517.00.
Therefore,the clause of it memorandum of association becomes”the share capital of the company is N3,000,000,000 divided into 6,000,000,000 ordinary shares of fifty kobo.
The shareholders who spoke at the meeting chaired by Mr Muftu Oyegunle included Nona Awo,Moses Oyewole and etc harped on the need for the board and management to up their capacity and ensure that dividends are paid going forward.