A rights issue through which AIICO Insurance Plc plans to raise N3.5 billion commences today, Wednesday, September 2, 2020 and will run through to Wednesday, October 7, 2020.
The exercise will enable the company fulfil the recapitalization base as stipulated by the industry regulator, the National Insurance Commission (NAICOM).
A statement by the underwriter’s Head, Strategic Marketing & Communications, Segun Olalandu, noted that as part of the rights issue, 4,357,770,954 ordinary shares of Fifty Kobo (N0.50) each at Eighty Kobo (N0.80) per share, are being offered on the basis of five (5) new ordinary shares for every thirteen (13) ordinary shares held as at the close of business on Monday, June 15, 2020. The Company’s shareholders now have the opportunity to increase their stakes and reposition themselves in a Company with excellent prospects.
The Rights Circular is now available for download on the Company’s website at www.aiicoplc.com and the Registrar’s website at www.unitedsecuritieslimited.com.
“A greater future beacons for all our stakeholders, including shareholders and customers, as this exercise will unlock greater potentials for value creation both in the short and long term. It will see the Company emerge stronger and with greater capacity to underwrite more risks”, stated Babatunde Fajemirokun, the Managing Director and Chief Executive Officer of the company.
AIICO Insurance has continuously demonstrated its resilience and capacity to stand the test of time,given over 5 (five) decades of doing business in Nigeria. This is one of the reasons why the Companyhas remained investors’ choice and stands to maintain its frontline position post-recapitalization.
AIICO Insurance is a leading composite insurer in Nigeria with a record of accomplishment of serving its clients that dates back over 50 years. Founded in 1963, AIICO provides life and health insurance, general insurance, investment management and pension management services as a means to create and protect wealth for individuals, families and corporate customers.
