The Securities and Exchange Commission has given the nod to the acquisition of International Energy Insurance (IEI) Plc by Norrenberger Advisory Partners Limited (NAPL).
The insurer stated this in a disclosure filed to the Nigerian exchange on ‘the acquisition of majority equity stake in International Energy Insurance by NAPL and seen by Nairametrics.
According to the insurer, the deal upon conclusion will make the new acquirer, NAPL, the majority shareholder of the company.
The statement read, “Following a previous announcement of the proposed acquisition of International Energy Insurance Company Plc. (IEI or the Company) by Norrenberger Advisory Partners Limited (NAPL or The Acquirer), this is to notify the Nigerian Exchange Limited and the investing public that the Securities and Exchange Commission has granted its No Objection to the Acquisition.
“NAPL will therefore immediately commence the process of the block acquisition in accordance with the Shares Purchase Agreement with the selling shareholders. Upon conclusion of the process, NAPL becomes the majority shareholder in IEI Plc. To this end, it shall be making consultations with all its Stakeholders as appropriate.”
In case you missed it
- Nairametrics had earlier reported that Norrenberger Advisory Partners Limited had commenced the process for the acquisition of International Energy Insurance, IEI, following NAICOM’s nod for the acquisition of 100% equity of the insurer.
- The insurer said the development is part of efforts to meet recapitalization requirements as directed by the insurance industry regulator.