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AIICO Insurance to Raise Share Capital to N20bn
AIICO Insurance Plc said it has received its shareholders’ approval to increase its authorised share capital from N18 billion to N20 billion by the creation of additional four billion ordinary shares of 50 kobo each.
The company, also said it has secured its shareholders’ nod for the declaration of one bonus share for every eight ordinary shares held by existing shareholders of the company, effective from December 28, 2020.
This is payable from retained earnings and one bonus share for every five ordinary shares held by existing shareholders as at December 28, 2020 payable from share premium.
The Chairman, Mr. Kundan Sainani, who disclosed this at the recent virtual Annual General Meeting of the company expressed gratitude for the immense support the company has received from its shareholders.
He assured them of the board’s commitment to continue to steer the affairs of the company on the path of continuous and sustainable progress, irrespective of daunting macro-economic challenges.
The Managing Director and Chief Executive Officer, Mr. Babatunde Fajemirokun, at the meeting also shed some light on the satisfactory progress the company has made in its recapitalisation journey, having surpassed the December 2020 expectations of the regulator.
“There are no doubts that we have made some giant strides along this path. Beyond just meeting the requirements, we have seen the potentials and value this exercise brings and have positioned ourselves to take full advantage for value creation, both in the short and long term. AIICO will emerge stronger and with greater capacity to underwrite more risks”, he said.