- AIICO Insurance Plc (“the Company”) has notified The Nigerian Stock Exchange that it is currently in discussions with the International Finance Corporation (“IFC”) for the grant of a US$20,000,000 convertible loan to the Company.
- Under the arrangement, IFC has an option to convert any unpaid part of the loan advanced to the Company into equity holdings in the Company.
- Further information relating to the proposed loan facility will be communicated to the market in due course.
- As at September 2014, AIICO currently had a net asset of N12.8billion and has a return on equity of 23% respectively
- AIICO has since 2013 being cleaning up its balance sheets and have written off over N4billion in impaired assets by our estimates
- The company ended up with a relatively small retained earnings of N710m
- Press release
Press Release: AIICO Announces Plans To Obtain $20million Convertible Loan From IFC
