The AIICO Insurance Plc has increased its authorized share capital from N18 billion to N20 billion by creating additional 4 billion ordinary shares of 50 kobo each.
Techeconomy gathered that the authorized share capital.was approved by the company’s shareholders on Tuesday, December 8.
This was contained in a statement issued by the head, strategic marketing, and communications of the firm, Segun Olalandun.
Also, the shareholders endorsed the declaration of 1 bonus share for every eight (8) ordinary shares held by existing shareholders of the Company as of December 28, 2020, payable from retained earnings.
Also, 1 bonus share for every five (5) ordinary shares held by existing shareholders of the Company as of December 28, 2020, payable from share premium.
Speaking on the satisfactory progress the company has made in its recapitalization journey, the Managing Director and Chief Executive Officer, Babatunde Fajemirokun, said: “There are no doubts that we have made some giant strides along this path.
“Beyond just meeting the requirements, we have seen the potentials and value this exercise brings and have positioned ourselves to take full advantage for value creation, both in the short and long term. AIICO will emerge stronger and with greater capacity to underwrite more risks.”