FML raise $17.25 mln in rights offer

Insurance24

HARARE, First Mutual Holdings rights offer raised $11.67 mln after a subscription rate of 67.68% at the close of the offer. The underwriter’s portion was $5.57 mln, accounting for 32.32% to bring the subscription rate to 100%.

The proceeds are targeted at financing the acquisition of a 80,92 stake in NicozDiamond as well as capitalising the operations.