Key Insurance Company Limited is considering a rights issue to raise much-needed capital to boost its capital base, which has taken a hit over the last year and a half.
The company’s new management has already agreed to and recommended the rights issue, which will be considered at a board meeting scheduled for Tuesday, September 8, 2020.
If the board approves the rights issue, it will then recommend to shareholders that they participate.
The rights issue will provide a much-needed lifeline for the financially ailing insurance company.
Key Insurance was taken over by the Grace Kennedy group earlier this year which bought majority control. Five months ago a new management team was put in place.
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