Mutual Benefits Assurance Plc (NGSE:MBENEFIT) announced that it will issue 8,888,888,889 ordinary shares at a price of NGN 0.54 for gross proceeds of NGN 4,800,000,000 on November 6, 2020. The transaction will include participation from Charles Enterprises Llc for NGN 2,878,764,000.24 and Arubiewe Farms Ltd for NGN 1,921,235,999.76. The transaction is subject to obtaining the regulatory approval and shareholder approval from The Extra-ordinary General Meeting will be held on December 3, 2020.