DF Holdings Limited, a majority shareholder has acquired additional 27.17 million units of AIICO Insurance Plc shares, at N1.10k per share, approximately worth N30 million.
This is according to a notification signed by the company’s secretary, Donald Kanu, and sent to the Nigerian Stock Exchange market, as seen by Nairametrics.
In accordance with the NSE policy on insider transactions, DF Holdings through the disclosure revealed that a total of 27,174,309 units of AIICO shares were purchased at N1.10k, grossing N29, 891,739.9.
Consequently, DF Holding has thus announced the purchase of additional 501,777,905 units of AIICO shares since the beginning of this year, with about N585.2 million spent through the process.
The increase in insider transactions indicates growing optimism in the firm’s potentials, evident by the recent oversubscription of AIICO’s rights issue by shareholders. This optimism might be attributable to a lot of factors, including a mix of recent expansion plans and the impressive performance of the firm in its last reported financial statement for the period ended September 2020.
Nairametrics reported that most key financial metrics of AIICO Insurance recorded a surge, e.g. the firm’s profit after tax surged by 17% Y-o-Y, the gross premium also advanced by 27%, among others.
In case you missed it
- Nairametrics had earlier reported that DF Holdings had spent a total of N555.3 million on additional AIICO shares.
- Nairametrics also reported that the AIICO Insurance Plc rights issue of N3.5 billion recorded a 126% subscription.
- As at the time of reporting this, AIICO Insurance Plc share price is currently trading at N1.3k