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In an attempt tomeet its target in the ongoing industry recapitalisation exercise, AIICO Insurance Plc has announced that its Rights issues was oversubscribed by shareholders to the tune of 126 per cent.
According to AIICO’s Head, Strategic Marketing and Communications, Segun Olalandu, the Company recently did its Rights Issues for the 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 (5) new ordinary shares for every thirteen (13) ordinary shares held.
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The Company recorded about 126 per cent subscription, an indication of shareholders’ confidence 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, he noted. Commenting on this outcome, the Managing Director/CEO, 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.” For his part, the Chief Financial Officer, Oladeji Oluwatola, noted that the company’s market leadership status and unwavering commitments to its various stakeholders have continued to endear investors to the brand.
AIICO is a composite insurer in Nigeria that provides life and health insurance, general insurance and investment management services as a means to create and protect wealth for individuals, families and corporate customers.
