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AIICO ANNOUNCES COMMENCEMENT OF RIGHTS ISSUE

AIICO Insurance PLC, a leading insurer in Nigeria, is taking another giant leap forward in its recapitalization journey with the launch of its ₦3.5bn rights issue, which opens today Wednesday, September 2, 2020 and will run through to Wednesday, October 7, 2020.
As part of the rights issue, 4,357,770,954 ordinary shares of Fifty Kobo (₦0.50) each at Eighty Kobo (₦0.80) per share, are being offered on the basis of five (5) new ordinary shares for every thirteen (13) ordinary shares held as at the close of business on Monday, June 15, 2020. The Company’s shareholders can increase their stakes and reposition themselves in a Company with excellent prospects. The Rights Circular is now available for download on the Company’s website via https://tinyurl.com/y6e44ew6 and the Registrar’s website at https://bit.ly/2F3fnpq.

“A greater future beacons for all our stakeholders, including shareholders and customers, as this exercise will unlock greater potentials for value creation both in the short and long term. It will see the Company emerge stronger and with greater capacity to underwrite more risks”, stated Mr. Babatunde Fajemirokun, the Managing Director and Chief Executive Officer of the Company.

AIICO Insurance has continuously demonstrated its resilience and capacity to stand the test of time, given over 5 (five) decades of doing business in Nigeria. This is one of the reasons why the Company has remained investors’ choice and stands to maintain its frontline position post-recapitalization.

Please note that shareholders holding 500,000 shares and above will need a pin to access their e-rights circular for control measures. Kindly reach out to United Securities Limited via customercare@unitedsecuritieslimited.com to access the pin.

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