Consolidated Hallmark Insurance Plc has completed a major restructuring, transitioning from a public company to a private limited company following an official re-registration at the Corporate Affairs Commission (CAC).
The announcement, made to the Nigerian Exchange Limited (NGX) and the investing public, finalizes the company’s new designation as Consolidated Hallmark Insurance Limited.
This development marks the completion of a strategic restructuring initiative by the company under a Scheme of Arrangement dated October 13, 2022.
Consolidated Hallmark Insurance, previously a publicly traded entity, undertook the change to better align with its evolving operational goals and corporate structure.
The re-registration as a Limited Liability Company forms part of a larger transition into a Holding Company structure.
As part of this restructuring, Consolidated Hallmark Holdings Plc was created as the group’s new parent company and was officially listed on the NGX on November 27, 2023.
The conversion to a private limited company represents a significant step in the company’s strategic vision.
It allows Consolidated Hallmark Insurance to focus on expanding its offerings and strengthening its market position, particularly in the insurance sector.
The reorganization is expected to streamline the company’s operations and provide greater flexibility in pursuing growth opportunities within the holding structure.
Consolidated Hallmark Holdings Plc will oversee the activities of its subsidiaries, including Consolidated Hallmark Insurance Limited, enabling the group to leverage synergies, enhance shareholder value, and build operational resilience in a competitive market environment.
The company expressed optimism that this restructuring will position it to better meet the needs of its clients, investors, and other stakeholders.