Charks Investment Limited, a firm with influential shareholding in Mutual Benefits Assurance Plc, has divested 14,622,000 units of its holding in the company.
According to a corporate notice filed with the Nigerian Exchange Limited, the shares were sold between N0.48k and N0.49k per unit.
At the close of the trading session on Monday, the stocks of Mutual Benefits emerged as the most actively traded stock in terms of volume with 42.08 million units worth N20.36m changing hands in 47 deals.
For days, the insurance firm has witnessed increased activities in its shares on the NGX.
The unaudited half-year statement of Mutual Benefits revealed that Charks Investment Limited held 254,222,285 units of its shares representing 1.27 per cent. The sell-off of shares will reduce its shareholding in the insurance firm.
As of June 30 2023, Mutual Benefits had 20,061,622,397 (Dec 2022: 20,061,622,397) ordinary shares of 50k each, with Charles Enterprises LLC accounting for a majority stake of 42.27 per cent, followed by Arubiewe Farms Limited, which held 4,409,119,444, representing 21.98 per cent.
Meanwhile, the local bourse commenced the week in positive territory as the benchmark index recorded slight gains of 0.02 per cent to close at 72,404.91 points as investors cherry-picked stocks with attractive prices on Monday.
SOURCE: PUNCHNG
