AIICO Insurance Proposes Rights Issue of 4.36bn Ordinary Shares

AIICO Insurance Plc on Tuesday notified the investing public of its proposed Rights Issue of 4,357,770,954 ordinary shares.

In a statement by the Nigerian Stock Exchange signed by Head of Listings Regulation, Godstime Iwenekhai, the Exchange stated thus:

“Dealing Members are hereby notified that AIICO Insurance Plc has through its Joint Stockbrokers, Magnartis Finance and Investment Limited and Stanbic IBTC Stockbrokers Limited, submitted an application to the Nigerian Stock Exchange for the approval and listing of a Rights Issue of Four Billion, Three Hundred and Fifty Seven Million, Seven Hundred and Seventy Thousand, Nine Hundred and Fifty Four (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 Qualification Date for the Rights Issue is Monday, 15 June 2020.

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