Mergers & Acquisitions | |
Mergers & Acquisitions | |
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Thursday,
October 31, 2019 /06:01PM / By NSE/ Header Image
Credit: Royal Exchange Plc
In
furtherance of our notification on the Nigerian Stock Exchange on July 18,
2019, we are pleased to notify the Nigerian Stock Exchange, our Shareholders
and the investing public of the completion/close out of the acquisition of
39.25% equity stake in Royal Exchange General Insurance Company Limited, a
subsidiary of Royal Exchange
Plc: ("the Company") by the InsuResilience Investment Fund ("IIF") set
up on behalf of the German Government by KfW and managed by Swiss based Impact
Investment Manager, Blue Orchard Finance Limited.
The
purpose of the Investment is to spur growth in the Company by increasing its
underwriting capacity in the agriculture insurance space.
We
assure our esteemed shareholders and the investing public that the Company Is
strategically positioned to capture the opportunity presented by over 30
million under-insured small scale farmers in Nigeria by leveraging on
technology to increase the resilience of small scale farmers to climate change.
We
also reiterate our commitment to continue to develop innovative products and
services to meet the insurance needs of the general public.
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