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Business > Insurance
AIICO Insurance woos investor to raise capital
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By Desola Akindele
August 10, 2017 13:03:57pm GMT      |      Views: 476

WorldStage Newsonline-- AIICO Insurance Plc has said it is in talks with an investor to raise capital in order to boost the performance of the company.

The company in a notification filed with the Nigerian Stock Exchange e signed by the secretary and legal adviser, Donald Kanu noted that the discussion in line with approval and authorization granted by its shareholders at the 46th Annual General Meeting held on 5th May 2016 at Federal Palace Hotel, Lagos.

The company also noted that the discussions with the undisclosed investor were on a non-binding basis for investment in the company.

AIICO Insurance was established in 1963, as an insurance, pensions management, and asset management Group in Nigeria with market-leading positions in its key business lines such as Life assurance and annuity, General insurance and special risks, Pension management, Health insurance and Asset management.

The company which has been undergoing significant stress in terms of business potential has seen its stock value floating within the 50 kobo and 60 kobo for the past year. The stock closed 1 kobo lower than previous session’s value today to settle at 58 kobo per share.

However, market watchers are optimistic, that the materialisation of a significant investment will boost the company performance.

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