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Joseph Inokotong, Abuja
AIICO Insurance Plc has scheduled to meet with its shareholders for October 14, 2019 to seek approval to increase its capital base to N18 billion.
This is to enable AIICO meet the June 30, 2020 deadline set by the National Insurance Commission (NAICOM), for all insurance and reinsurance companies to recapitalise.
In a notice to its shareholders signed by the Company Secretary, Mr. Donald Kaku, AIICO said the meeting will consider resolutions to alter the relevant clauses of the Memorandum and Articles of Association of the company to accommodate its new investors (Leapfrog) rights and its investment.
According to the notice, the shareholders will also consider increase of the authorised share capital of the company from N10 billion to N18 billion by creating 16 billion ordinary shares of 50kobo each, and also alter the capital clause of the Memorandum and Articles of Association of the Company accordingly.
The meeting will also consider the authorisation of the board of directors to negotiate and enter into technical services agreement, management agreement or other similar agreement with a related party (as defined in the Articles of Association of the Company) or with a party that is not a related party for a term of one year or more on terms and conditions as the board of directors of the Company shall deem fit.
It will also decide to direct the company secretary to take all necessary steps to give effect to the aforementioned resolutions.
The statement said “Holders of Securities have a right to ask questions not only at the meeting, but also in writing prior to the meeting and such questions must be submitted to the Company on or before the close of business on October 12, 2019”.
