NMRC’s share capital hits N13.05bn

Shareholders of the Nigeria Mortgage Refinance Company (NMRC) have approved the raising of an additional capital of N6 billion to increase its share capital from N7.05 billion to N13.05 billion. The development came as the property finance company promised to revolutionize the nation’s mortgage landscape. The approval was part of the resolutions passed by the […]

Shareholders of the Nigeria Mortgage Refinance Company (NMRC) have approved the raising of an additional capital of N6 billion to increase its share capital from N7.05 billion to N13.05 billion.
The development came as the property finance company promised to revolutionize the nation’s mortgage landscape.
The approval was part of the resolutions passed by the company’s shareholders at the Extraordinary General Meeting (EGM) held in Lagos on Thursday.
The company said the N6 billion additional equity capital to be raised during the first quarter of 2016 is under NMRC’s N28 billion Equity Issuance Programme, established by a resolution also approved by the shareholders at the EGM.
It said the Equity Issuance Programme is to be established by way of a shelf-registration on terms and conditions as determined by the directors subject to approval of shareholders and the relevant regulatory authorities.
NMRC Interim Chairman Herbert Wigwe said the injection of equity capital will strengthen NMRC’s Tier 1 capital, improve its capital raising activities and boost its core business objective of mortgage refinancing.
Wigwe who chaired the EGM also resolved to issue preference shares from the unissued share capital of the company of an aggregate value of up to N1.5 billion to two development finance institutions with strong footprints in housing finance, the International Finance Corporation (IFC) and Shelter Afrique.
He said that the completion of the second tranche equity capital raising was part of NMRC’s priorities in the new financial year.