The Nigerian Stock Exchange (NSE), says it admitted additional 4,400,000,000 ordinary shares of AIICO Insurance Plc onto its Daily Official List at N1.20 per share on Wednesday, 19 February 2020.
The additional shares, which increased the company’s fully paid up shares from 6,930,204,480 units to 11,330,204,480 ordinary shares of 50 kobo each, arose from AIICO Insurance’s placement of the new shares to LeapFrog III Nigeria Insurance Holdings Limited.
Recall that AIICO Insurance recently received a N5.38bn investment, classified under deposit for shares in the company’s 2019 interim annual report, from Leap Frog, an emerging market (EM) focused private equity fund, and AIICO Bahamas
It represents amounts received by the company from its recent special/private placement, in which Leap Frog Investment Limited and AIICO Bahamas Limited invested the combined amount on 12 December 2019.