By Rosemary Onuoha

AIICO Insurance Plc said that its rights issues recently opened to shareholders have been oversubscribed.

According to the company, this is yet another milestone achievement in its recapitalization journey.

In a statement, the company said: “Recently, the Company conducted its rights issue exercise listing 4,357,770,954 ordinary shares of Fifty Kobo (N0.50) each at Eighty Kobo (N0.80) per share, on the basis of five (5) new ordinary shares for every thirteen (13) ordinary shares held.

“The company witnessed about 126 per cent subscription, an indication of 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.

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Commenting on the outcome, the Managing Director & CEO, Mr Babatunde Fajemirokun, said “We were never in doubt about our shareholders’ faith and commitment to our company.

“They share our thoughts and vision for a much stronger and resilient company, and are positioning themselves to take full advantage of the inherent opportunities.”

The Chief Financial Officer, Mr Oladeji Oluwatola, also stated that the Company’s market leadership status and unwavering commitments to its various stakeholders have continued to endear investors to the brand.

AIICO Insurance Plc is a 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.

Vanguard News Nigeria