Shareholders of AIICO Insurance Plc, have yet again demonstrated the endorsement of company’s recapitalisation programme by over subscribing its rights issue by 126%.
The achievement, described as another milestone by the company’s statement, said the rights issue which was a recent exercise involved 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 ordinary shares held.
The 126% oversubscription score, was noted an indication of shareholders excitement at the opportunity and readiness to be part of the promising future; while shares allotted will be credited immediately to the CSCS accounts of shareholders by the registrars to the issue.
The managing director & CEO, Mr. Babatunde Fajemirokun, said the company never had “doubt about our shareholders’ faith and commitment. 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,”
The chief financial officer, Mr. Olatunji Oluwatola, added that the company’s market leadership status and unwavering commitments to its various stakeholders have continued to endear investors to the brand.
AIICO Insurance Plc, is a leading composite insurer in Nigeria founded in 1963 with a record of accomplishments of serving its clients that dates back over 50 years. AIICO provides life and health insurance, general insurance and investment services as a means to create and protect wealth for individuals, families and corporate customers.