Norrenberger Advisory Partners Limited, a financial services firm in Nigeria has commenced process for the acquisition of International Energy Insurance, IEI, following NAICOM’s nod for the acquisition of 100% equity of the insurer.
This was contained in a disclosure signed by H Michael and Co, the insurer’s company secretary and titled, “Material discosure: recapitalization/acquisition of majority equity stake in International Energy Insurance,” as seen in the Nigerian Exchange Limited.
The insurer said the development is part of efforts to meet recapitalization requirement as directed by the insurance industry regulator.
The insurer had earlier closed period for the trading of company’s share from 31st May 2021, restricting all directors, managers and advisers of the firm in dealing with the securities of the company. According to IEI, the closed period will remain in force until 24 hours after all details of the transaction are released to the public.
IEI stated that the acquirer has commenced the process of obtaining approval of the Federal Competition and Consumer Protection Commission (FCCPC) and the Securities and Exchange Commision (SEC) for the acquisition of 50.62% from the key shareholders following the execution of share purchase agreement between Norrenbergers and IEI.