AIICO Bahamas Ltd, a major shareholder of AIICO Insurance Plc, has fulfilled a statutory requirement by purchasing 300 million ordinary shares of AIICO Insurance Plc at a price of N0.70 per share. The transaction, which took place on August 1st, 2023, was conducted on the Lagos Nigerian Exchange Limited. This initial notification was made in accordance with regulatory guidelines.
In compliance with statutory obligations, AIICO Bahamas Ltd, a significant stakeholder in AIICO Insurance Plc, has recently executed a purchase of 300 million ordinary shares of AIICO Insurance Plc. The acquisition, which was carried out at a rate of N0.70 per share, transpired on August 1st, 2023, on the premises of the Lagos Nigerian Exchange Limited.
This transaction marks the fulfillment of a legal requirement, prompting AIICO Bahamas Ltd to initiate an initial notification of the share dealing activity. As part of the notification process, AIICO Insurance Plc, holding the Legal Entity Identifier (LEI) AIICO, formally reported the details of the transaction through their company secretary, Donald Kanu.
The purchased financial instrument, consisting of 300 million units of AIICO Insurance Plc’s ordinary shares, is identified by the International Securities Identification Number (ISIN) NGAIICO00006. The nature of the transaction is classified as a “Purchase of Shares.”
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The transaction’s aggregate details are as follows: AIICO Bahamas Ltd procured a total volume of 300 million shares at the unit price of N0.70. This translated to an overall transaction value of N210 million. The transaction took place exclusively on the Lagos Nigerian Exchange Limited, a prominent financial platform in Nigeria.
This notable transaction was executed in accordance with established regulatory guidelines, as outlined by Donald Kanu, the company secretary. AIICO Bahamas Ltd’s compliance with these protocols underscores their commitment to transparent and legally sound dealings within the financial sector.
As per the legal framework, this initial notification serves as a requisite report of the share dealing activity carried out by AIICO Bahamas Ltd. With the completion of this purchase, AIICO Bahamas Ltd has effectively solidified its position as a major shareholder in AIICO Insurance Plc.
