AIICO receives N5.3bn investment from LeapFrog
AIICO Insurance Plc has received an investment of N5.38 billion from LeapFrog and AIICO Bahamas. The amount was classified under deposit for shares in the company’s 2019 interim annual report published on the website of the Nigerian Stock Exchange (NSE).
Deposit for shares represents amounts received by the company from its recent private placement, in which LeapFrog Investment Limited and AIICO Bahamas Limited invested a combined amount of N5.38 billion into the company on 12 December 2019.
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Amount received is kept in a dedicated account with the issuing house, Stanbic Capital pending the receipt of the final approval by the Securities and Exchange Commission (SEC).
No official announcement or press release was issued by AIICO on the website of the NSE as that is typically the case.
The NSE rule mandates listed companies to disclose such transactions via a press release on the website of the NSE.
In 2019 AIICO was considering N5.28 billion investment. The company reported the same on the Nigerian Stock Exchange. It reported it planned to raise 4.4 billion ordinary shares of N0.50 each at N1.20 per share by way of a special/private placement. Shareholders had in May 2016, given the directors’ approval to raise additional capital up to N25 billion.
In June 2018, LeapFrog Investments, an emerging market (EM) focused private equity fund, took up a stake in ARM Pension managers.
LeapFrog Investments recently announced it now has about $700 million in the “largest-ever private equity fund by a dedicated impact fund manager” with the funds targeted at emerging market countries including Nigeria. The fund will be targeted at insurers, pensions and asset managers, development finance institutions, foundations and family offices.
