Business

Recapitalisation: IEI engages proposed acquirer for business combination

International Energy Insurance Company (IEI) Plc has notified the Nigerian Exchange Limited (NGX) and the investing public that in its efforts to meet the capitalisation requirement as directed by the National Insurance Commission (NAICOM), the company has sought and obtained the approval to engage a proposed acquirer for a business combination transaction.

The company, in a statement by the Company Secretary, H. Michael & Co, said: “Pursuant to Rule 17:17 of the Issuers’ Rules, IEI, hereby, announces the commencement of a closed period for the trading of the company’s shres from May 31, 2021. During the closed period, no direc-tor, 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 the details of the transaction are released to the public.” International Energy Insurance had, in 2017, said it was set for repositioning as shareholders had given the interim board the approval to recapitalise the company for growth and competitiveness. A statement from the firm said the expected capital would enhance the firm’s working capital, improve IT infrastructure, meet solvency requirement and provide new investment opportunities. “Rising from the company’s 42nd annual general meeting held in Kano, the shareholders approved that the directors in conjunction with the technical committee should further recapitalise the company by raising additional N9 billion, which when added to initial recapitalisation approval of N4bn given at its 41st annual general meeting amounts to a total approval of N13 billion,” the company stated.

 

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