[By VICTOR NZE]
AIICO Insurance Plc, a leading Insurer in Nigeria, is taking another giant leap forward in its recapitalization journey with the launch of its N3.5bn rights issue, which opens on Wednesday, September 2, 2020 and will run through to Wednesday, October 7, 2020.
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 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.
According to AIICO, the Rights Circular is now available for download on the Company’s website at www.aiicoplc.comand the Registrar’s website at www.unitedsecuritieslimited.com.
Commenting, Managing Director and Chief Executive Officer, Mr. Babatunde Fajemirokun, said: “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.”
AIICO Insurance has continuously demonstrated its resilience and capacity to stand the test of time, given over five decades of doing business in Nigeria. This is one of the reasons why the company has remained investors’ choice and stands to maintain its frontline position post-recapitalization.