By Dipo Olowookere
The board of AIICO Insurance Plc has called shareholders of the company to an Extra-Ordinary General Meeting (EGM) to approve the raising of fresh capital to boost operations of the firm.
The meeting is slated for Friday, October 5, 2018, at the Federal Palace Hotel, Victoria Island, Lagos by 11am.
A statement to the regulatory agency yesterday said the meeting is mainly to get shareholders’ approval to raise 4.4 billion ordinary shares of N0.50 each at N1.20 per share by way of a special/private placement.
However, this would still be subjected to approval of relevant authorities in the capital market as well as the insurance industry.
According to the board of the insurer, the proposed shares to be issued “shall rank parri passu with the ordinary shares held by existing members of the company.”
Also during meeting, the shareholders would be expected to authorise the board “to exercise all the power of the company to modify and/or conclude the terms of the special/private placement, seek approvals from the relevant regulatory authorities, appoint professional parties and advisers, finalise and execute all agreements or documents and to do all such acts and deeds which the board of directors in its absolute discretion may deem necessary and expedient for the purpose of the special/private placement without being required to seek any further consent or approval of members of the company or otherwise to the end and intent that they shall be deemed to have given approval thereto expressly by the authority of this resolution.”
more recommended stories
SEC Modifies Processes of Listing on Nigerian Stock Exchange
By Modupe Gbadeyanka In order to.
Forte Oil to Pay Interim Dividend of N1.15k June 10
By Dipo Olowookere The board of.
NSE Releases Effective Dates of Five New Rules
By Dipo Olowookere The Nigerian Stock.
Wari Takes Financial Services Closer to Customers on WhatsApp
In order to make its customers.
Second 30-Year Bond Sale Records 336% Subscription
By Dipo Olowookere At the May.
FBNQuest Complies With GIPS to Boost Investor Confidence
A subsidiary of FBNQuest Merchant Bank.
Stock Market Gains N408bn as MTN Nigeria Listing Frenzy Persists
By Dipo Olowookere Transactions on the.
Facebook NG_Hub Trains 50,800 SMBs in Digital Skills
By Modupe Gbadeyanka Not less than.