Lagos (INVESTADVOCATE)-Insurer, Wapic Insurance Plc on Monday said it has formally established a non-capital raising Global Depository Receipt (GDR) Program.
Wapic says the GDR was established by the Bank of New York Mellon (BNY) as the depository bank and has Stanbic IBTC Bank Plc as the local custodian bank and was formally announced on June 15, 2016.
The insurer is the first Nigerian insurance company to establish a GDR Program.
“This Level one (1) sponsored GDR is based on the shares of the company currently in issue an is not accompanied by a listing or capital raising.
The GDR will however provide the company and indeed the Nigerian Insurance industry a measure of exposure to the North American and European capital markets,” Wapic said in a corporate action dated June 16, 2016 to the Nigerian Stock Exchange (NSE).
According to Wapic, the program will also increase the company’s options for its overall investor base whilst offering the stability of the USD denominated certificates.