UNIC diversified holdings post NGN500 million assets for half year

UNIC diversified holdings post NGN500 million assets for half year

Unic Diversified Holdings Plc in its statement of affairs is reporting increased in assets to NGN500 million in June 2017 compared to NGN350 million recorded in December 2016.

The company said its liabilities for the period was NGN25O million against NGN100 million posted in the year before.

UNIC diversified holdings plc is a new company that was incorporated in September 11, 2015 by the shareholder of the former Unic Insurance Plc. (now Unic Insurance Ltd after being delisted) through restructuring of Unic Insurance Group.

The restructuring arrangement involves the shareholders of the former Unic Insurance Ltd becoming the shareholders of Unic Diversified Holdings Plc which will hold minority interest in Unic Insurance Ltd by divesting the majority interest in Unic Insurance Ltd to a third party investor.

All necessary approvals in satisfaction of all necessary statutes have been applied for and received.

Presently, all arrangements to transfer agreed assets and liabilities from Unic Insurance Ltd to this company are in progress and will be concluded soon.

The principal activities of the company are to carry on finance holding company and to invest and hold shares in blue chip companies but the company is not in full operations yet till when all arrangements are concluded.