By InvestAdvocate

Lagos (INVESTADVOCATE)-Insurer, AIICO Insurance Plc on Tuesday said it’s seeking a $20 million convertible loan facility with the International Finance Corporation (IFC), according to the company in an issuer’s announcement to the Nigerian Stock Exchange (NSE).

The insurer affirmed that under the arrangement, IFC has an option to convert any unpaid part of the loan advanced to it into equity holdings in the company.

“Further information relating to the proposed loan facility will be communicated to the market in due course,” AIICO said.

At the close of trading on the Nigerian bourse, share price of the insurer lost 0.01 kobo as it opened at 0.78 kobo and closed 0.77 kobo; losing 1.28 percent.