AIICO Insurance opens rights issue

AIICO Insurance Plc said it is taking another giant leap forward in its recapitalization journey with the launch of its N3.5 billion 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 new ordinary shares for every 13 ordinary shares held as at the close of business on Monday, June 15, 2020.

Speaking on the development, Managing Director and Chief Executive Officer of the Company, 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.”

According to the Managing Director, “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.”