AIICO Insurance Lists Additional 4.4 billion Shares on NSE

By Dipo Olowookere

Additional shares of AIICO Insurance Plc have been listed on the trading platform of the Nigerian Stock Exchange (NSE), Business Post reports.

The new stocks were from the rights issue of the insurance company. The underwriter recently offered to its shareholders 4,357,770,954 ordinary shares. They were distributed to investors on the ratio of five new ordinary shares for every 13 ordinary shares held as at Monday, June 15, 2020.

On Tuesday, the securities were added to the share outstanding of the organisation on the exchange, increasing the total issued and fully paid-up shares of AIICO Insurance to 20,673,265,406 ordinary shares of 50 kobo each from 16,315,494,452 ordinary shares of 50 kobo each.

The NSE, in a circular to stockbrokers at the market, confirmed this development.

“Dealing members are hereby notified that additional 4,357,770,954 ordinary shares of AIICO Insurance Plc were today, Tuesday, December 29, 2020, listed on the daily official list of the Nigerian Stock Exchange.

“The additional shares listed on the exchange arose from the company’s rights issue of 4,357,770,954 ordinary shares of 50 kobo each at 80 kobo per share on the basis of five new ordinary shares for every 13 ordinary shares held as at Monday, June 15, 2020.

“The rights issue was 100 per cent subscribed. With this listing of the additional 4,357,770,954 ordinary shares, the total issued and fully paid-up shares of AIICO Insurance has now increased from 16,315,494,452 to 20,673,265,406 ordinary shares of 50 kobo each,” the notice from the exchange said.

AIICO Insurance is one of the top underwriting companies operating in Nigeria. The firm conducted this exercise as part of its efforts to meet the new capital requirement put in place by the regulatory agency, the National Insurance Commission (NAICOM).