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SEC Okays Take Over of 10m Shares of Ensure Insurance

By Dipo Olowookere

A wholly owned subsidiary of Allianz SE, Societe Fonciere Europeenne B.V., has been given the approval to fully acquire 10 million ordinary shares of Ensure Insurance Plc.

This approval was given by the Securities and Exchange Commission (SEC) and the acquisition is through a mandatory take-over.

It gathered that the takeover was priced at 72 kobo and opened on the NASD Securities Exchange on September 26, 2018 and will close October 22, 2018.

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“In order to accommodate this exercise, the shares of Ensure Insurance Plc have been suspended from trading on the NASD OTC Securities Exchange for the duration of the Mandatory Take-Over Offer up until October 22, 2018,” a statement from NASD disclosed.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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