AIICO Insurance to Raise N8bn, Seeks Approval

By Dipo Olowookere

The board of AIICO Insurance Plc, one of the leading insurers in the country, has announced an Extra-Ordinary General Meeting (EGM) slated for next month in Lagos.

The meeting is aimed to seek the approval of shareholders of the company for the raising of fresh capital to further enhance its operations across the country.

During the EGM slated for Orchids Hotel, Lekki, Lagos on Monday, October 14, 2019 at 10.00 am, the shareholders would approve the request of the board to increase the authorized share capital of the AIICO Insurance to N18 billion from N10 billion.

This would be done by creating 16 billion ordinary shares of 50 kobo each of the firm, which would be ranking pari passu in all respects with the existing ordinary shares of the company.

According to the statement, the shareholders would consider and if thought fit pass the resolutions, “That subject to the approval of the regulatory authorities, all relevant clauses of the Memorandum and Articles of Association of the company which are to be altered to bring them in line further to the new investors (Leapfrog) rights and its investment in the company, be and are hereby approved.

“That the authorized share capital of the company be and is hereby increased from N10 billion to N18 billion by the creation of 16 billion ordinary shares of N0.50 Kobo each, ranking pari passu in all respects with the existing ordinary shares of the company, and that the capital clause of the Memorandum and Articles of Association of the company, be altered accordingly.

“The board of directors of the company be and is hereby duly authorized to negotiate and enter into a technical services agreement, management agreement or other similar agreement with a related party (as defined in the Articles of Association of the company) or with a party that is not a related party for a term of one year or more on terms and conditions as the board of directors of the company shall deem fit.”

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. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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