Rights Issue: AIICO Insurance records 126 per cent subscription

AIICO Insurance Plc on Tuesday said that its shareholders oversubscribed its Rights Issue, which recorded 126 per cent subscription.

Mr Babatunde Fajemirokun, Managing Director/Chief Executive Officer of the firm said this in a statement made available in Lagos.

Fajemirokun stated that the company had conducted its Rights Issue listing 4,357,770,954 ordinary shares of 50 Kobo each at 80 Kobo per share, on the basis of five new ordinary shares for every 13 ordinary shares held.

“AIICO witnessed about 126 per cent subscription, an indication of the shareholders’ excitement 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 said.

According to him, the insurance company was never in doubt about its shareholders’ faith and commitment to the firm.

The managing director said that the shareholders share the company’s thoughts and vision for a much stronger and resilient company and are positioning themselves to take full advantage of the inherent opportunities .

Mr Oladeji Oluwatola, Chief Financial Officer of the firm, also said that the company’s market leadership status and unwavering commitment to its various stakeholders had continued to endear investors to the brand.

AIICO Insurance Plc is a leading composite insurer in Nigeria with a record of accomplishment of serving its clients that dates back over 50 years.

Founded in 1963, AIICO 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.