By Dipo Olowookere
The acquisition of a 49.4 per cent stake in International Energy Insurance (IEI) Plc by Norrenberger Advisory Partners Limited has been approved by shareholders of the underwriting firm.
IEI shareholders authorised this transaction at the company’s 43rd Annual General Meeting (AGM) on Tuesday, October 11, 2022, at the Oriental Hotel, Lagos. They said Norrenberger’s acquisition was for the company’s benefit.
“The acquisition of 49.4 per cent of the company’s shares by Norrenberger Advisory Partners Limited is hereby approved to be implemented by way of a mandatory takeover at the offer price of N1.60 per share in line with the guidelines and procedure laid down by the Securities and Exchange Commission (SEC),” a notice from the organisation confirmed.
IEI became available for sale after the National Insurance Commission (NAICOM) increased the capital base of insurers in the country to deepen the sector, which is struggling to attract the patronage of Nigerians.
In April, the National Pension Commission (PenCom) gave Norrenberger the go-ahead to take over the insurance company to improve its product and service distribution to clients across Nigeria by utilising technology and other digital assets to revolutionise the pension and insurance markets.
“The acquisition of IEI, a company with a rich heritage and experience in pensions and insurance, will further strengthen our Group’s mission to unlock investment opportunities in our society for our clients.
“Norrenberger has a robust financial profile with a solid risk assessment framework, and we believe this acquisition will provide a wide range of benefits and opportunities to both companies’ staff, clients, and stakeholders,” the CEO of Norrenberger, Mr Tony Edeh, said in a statement.
“The board of IEI is in solid support of the acquisition by Norrenberger, which will provide a strategic opportunity for all stakeholders in both businesses and change the perception of the Insurance group. We are looking forward to the exciting opportunities which this acquisition would provide,” the CEO of IEI, Mr Ebun Ayeni stated.
At the AGM yesterday, shareholders of the insurance firm also authorised the board to “cancel the company’s unissued 1,600,000,000 preference shares of N2.50 each and 3,852,256,467 ordinary shares of 50 Kobo each pursuant to Section 124 of the Companies and Allied Matters Act, 2020 and Companies Regulations, 2021.
They also asked the board to amend Clause E of the company’s Memorandum of Association to replace the phrase “the issued share capital” with the phrase “the share capital” and to reflect the share capital of the company as N642,042,744.00 only divided into 1,284,085,488 ordinary shares of 50 Kobo each.
