Norrenberger Advisory Obtains NAICOM's Approval to Acquire International Energy Insurance Plc

Thursday, December 30, 2021 / 10:58 AM / NGX / Header Image Credit: Norrenberger

International Energy Insurance Company Plc wishes to notify the Nigerian Exchange Limited (NGX) and the investing public that in its effort to meet the capitalization requirement as directed by the National Insurance Commission ("NAICOM") the Company has sought and obtained the No Objection approval of NAICOM for the acquisition of 100% equity of the Company by Norrenberger Advisory Partners Limited.

Recall that, pursuant to Rule 17.17: Closed Period, Rulebook of NGX (Issuers' Rules) (As amended), the Company had previously announced the commencement of a Closed period for the trading of the Company's Shares from 31 May, 2021 during which, no Director, persons discharging managerial responsibilities and Advisers of the Company and their connected persons shall deal in the securities of the Company. The Closed period will remain in force until 24 hours after all the details of the transaction are released to the Public.

As a first step, the Acquirer has commenced the process of obtaining the approvals of the Federal Competition and Consumer Protection Commission (FCCPC) and the Securities and Exchange Commission (SEC) for the acquisition of 50.62% from the key shareholders, following the execution of Share Purchase Agreement between the Acquirer and the Company's key shareholders.

Investors would be updated on the progress of the transaction in due course.

Visit International Energy Insurance Company Plc IR Page in Proshare MARKETS 

Graph - One Year Share Price Movement

Related News

1. INTENEGINS Declares N40m Loss in Q1 2019 Results, (SP:N0.38k)
2. INTENEGINS: Mr. Peter Irene Resigns as CEO, Mr. Ebunola Ayeni Takes Over in Acting Capacity
3. INTENEGINS Declares N4.2bn Loss in 2018 Audited Results, (SP:N0.38k)
4. INTENEGINS Declares N2.2Mln Loss in 2017 Audited Results,(SP:N54.40k)
5. NSE Suspends Trading In The Shares of UNIONDICON, INTENEGINS and Four Other Listed Companies
6. International Energy Insurance Plc Extends Filing Date of 2016 Audited Financial Statements
7. International Energy Insurance Plc Suspends Disposal of Assets Due to NAICOM's Directive
8. International Energy Insurance's finances & role in Heritage Bank called to question by shareholder
9. International Energy Insurance Plc announces Share Reconstruction
10. International Energy Insurance (IEI) Plc declares AGM date