AIICO Insurance to Increase Share Capital to N18bn

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AIICO Insurance Plc said it has received its shareholders’ approval to increase its authorised share capital from N10 billion to N18 billion.

The company, said it secured the approval at the extra-ordinary general meeting (EGM) which it held in Lagos recently, where the shareholders demonstrated their support by voting in favour of the proposal.

Speaking at the meeting, the Chairman of the board of the company, Mr. Kundan Sainani, stated that AIICO had received NAICOM’s ‘No Objection’ to its recapitalisation plan.

He said the company’s recapitalisation plan includes a combination of private placement, rights issue and bonus issue.

AIICO speaking, the Managing Director, Mr. Babatunde Fajemirokun, said the private placement was at an advanced stage with a number of investors.

He said the shareholders also approved amendments to the Memorandum of Association to reflect the addition of new investors.

“These are exciting times for us as a business and we are confident that the recapitalisation exercise will see the company emerge stronger, more resilient, with adequate capacity and competencies to continue to provide risk protection and value adding services to all our customers and stakeholders”, Fajemirokun said.