AIICO Insurance is offering N3.5 billion worth of rights issue as part of efforts to leap forward in its recapitalistion journey.
Mr Segun Olalandu, its 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.
“As part of the rights issue, 4,357,770,954 ordinary shares of 50K each at 80k per share are being offered on the basis of five new ordinary shares for every 13 ordinary shares.
“This held as at the close of business on June 15.The company’s shareholders now have the opportunity to increase their stakes and reposition themselves with excellent prospects.
“The Rights circular is now available for download on the company’s website at www.aiicoplc.com and the Registrar’s website at www.unitedsecuritieslimited.com,’’ Olalandu said.
Mr 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.
