DF Holdings spends N555.3 million on additional AIICO shares

DF Holdings, a majority shareholder has spent the sum of N555.3 million on the purchase of additional 474.6 million shares of AIICO Insurance Plc at N1.17k per share.

This is according to a notification signed by AIICO’s Secretary, Donald Kanu, and sent to the Nigerian Stock Exchange market today.

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Nairametrics gathered that the transaction took place at the Nigerian Stock Exchange house in Lagos on the 31 December, 2020. The deal saw an aggregate of 474,603,596 additional units of the firm’s share purchased at N1.17K

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What you should know

• Prior to the recent deal, Nairametrics gathered that DF Holdings is the second largest shareholders in AIICO Insurance Plc, with Pre-Issue shares of 1,524,650,716 units and a projected Post-Issue shares of 2,111,054,838 – both representing about 13.46% of the total shares held.

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In case you missed it

• Sequel to the launch of a N3.5 billion rights issue, Nairametrics reported that the AIICO Insurance Plc rights issue was over-subscribed by 26%.
• Nairametrics also reported that AIICO Insurance Plc shareholders approved an increase of authorized capital to N20 billion.

READ: Investors support AIICO to raise capital through Rights Issue