FMHL to acquire Nicoz

FIRST Mutual Holdings Limited (FMHL) is set to acquire up to 80,92% of the issued share capital of short-term insurer, Nicoz Diamond Insurance Limited.

The acquisition requires FMHL shareholders’ approval at an extraordinary general meeting on August 31. The FMHL shareholders have to approve a proposed renounceable rights offer of 210 371 395 new FMHL shares to registered shareholders to raise $17,25 million to cater for the costs required to buy the Nicoz shares, as well as post transaction costs.

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