Underwriter gets shareholders’ approval to raise authorised share capital to N20bn

AIICO Insurance Plc has gotten the approval of its shareholders to increase its authorised share capital from N18 billion to N20 billion.

Speaking at its 50th Annual General Meeting held virtually, Chairman, Kundan Sainani, expressed gratitude for the 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.

At the meeting, the firm’s shareholders’ approved to increase its authorised share capital by the creation of an additional four billion ordinary shares of 50 kobo each.

In the same vein, the shareholders also gave their nod for the declaration of one bonus share for every eight ordinary shares held by existing shareholders as of December 28, 2020, payable from retained earnings, and another one bonus share for every five ordinary shares held by existing shareholders as of December 28, 2020, payable from share premium.

Managing Director and Chief Executive Officer, Babatunde Fajemirokun, shed more light on the satisfactory progress the Company has made in its recapitalisation journey, having surpassed the December 2020 benchmark. There are no doubts that we have made some giant strides along this path. Beyond just meeting the requirements, we have seen the potential and value this exercise brings and have positioned ourselves to take full advantage for value creation, both in the short and long term,” he said.