A Mauritius fund management company known as Advanced Finance and Investment Group (AFIG) Funds has acquired the largest shareholding of 29.9% in NEM Insurance Plc.
The private equity fund manager with offices in Mauritius, Senegal and South Africa, recentlybought 29.9% stake in the company from existing shareholders.
Nine Months Interim Financial Statements for the Period Ended September 30, 2018 showed that gross premium written increased from N11 billion in 2017 to N12 billion in 2018. The Profit After tax moved slightly down from N1.69 billion in 2017 to N1.6 billion in 2018.
Our equity valuation analysis revealed a potential value of N3.23 for the Company. The 52 Weeks low & high fall within the range of N1.50k and N3.50k.
NEM Insurance Plc is currently trading at N2.44.
