Recapitalisation: AIICO Insurance ₦3.5 billion Right Issues Opens
AIICO Insurance is offering ₦3.5 billion worth of rights issue to its shareholders as part of efforts to leap forward in its recapitalisation journey.
Segun Olalandu, Head of Marketing and Strategic Communication, said this in a statement in Lagos on Tuesday.
He said that the offering would open from Sept. 2 to Oct. 7.
The detail of the rights issue provides that 4,357,770,954 ordinary shares of 50K each at 80k per share are being offered on the basis of five for every 13 ordinary shares.
He said with the offer, the company’s shareholders now have the opportunity to increase their stakes and reposition themselves with excellent prospects.
Commenting on the issue, Babatunde Fajemirokun, AIICO Managing Director, said the offering portended greater future beacons for all the stakeholders, including shareholders and customers.
He said that the exercise would unlock greater potential for value creation in the short and long-term and enable the company emerge stronger with greater capacity to underwrite more risks.
Fajemirokun said that AIICO Insurance had continuously demonstrated resilience and capacity to stand the test of time for over five decades of doing business in Nigeria.
He said that was one of the reasons why the company had remained investors’ choice and stood to maintain its frontline position in post-recapitalisation.
AIICO Insurance is a composite insurer in Nigeria with a record of serving its clients for over 50 years.
Founded in 1963, the firm provides life and health insurance, general insurance, investment management and pension management services as means to create and protect wealth for individuals, families and corporate customers.