AIICO’s Rights Issue over-subscribed by shareholders

[By VICTOR NZE]

AIICO Insurance Plc has recorded yet another milestone achievement in its recapitalization journey following the over-subscription of its Rights Issue by shareholders.

(From left): Non-Executive Director, Mr. Ademola Adebise; MD/CEO, Mr. Babatunde Fajemirokun; Company Secretary, Mr. Donald Kanu; Executive Director, Technical & Head, Corporate Business, Mr. Adewale Kadri during the 50th AGM of AIICO Plc at the Radisson Blu Hotel, Ikeja, recently

The company recently conducted its Rights Issue exercise listing 4,357,770,954 ordinary shares of Fifty Kobo (N0.50) each at Eighty Kobo (N0.80) per share, on the basis of five new ordinary shares for every 13 ordinary shares held.

Managing Director & CEO, Mr. Babatunde Fajemirokun

The insurance firm witnessed about 126% subscription, an indication of Shareholders’ excitement at the opportunity and readiness to be part of the promising future. Shares allotted will be credited immediately to the CSCS accounts of allottees by the Registrars to the Issue.

Commenting on the outcome, Managing Director & CEO, Mr. Babatunde Fajemirokun, said: “We were never in doubt about our Shareholders’ faith and commitment to our Company. They share our thoughts and vision for a much stronger and resilient Company, and are positioning themselves to take full advantage of the inherent opportunities.”

O his part, Chief Financial Officer, Mr. Oladeji Oluwatola, also stated that the Company’s market leadership status and unwavering commitments to its various stakeholders have continued to endear investors to the brand.

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