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AIICO Insurance Seeks Shareholders’ Nod to Raise Fresh Capital

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.

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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.”

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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