Norrenberger Advisory Partners Limited (NAPL) will be acquiring majority stake in International Energy Insurance Company Plc (NGX: INTENEGI). The Insurer notified the Nigerian Exchange Limited and the investing public on Monday that the Securities and Exchange Commission (SEC) has granted its No Objection to the Acquisition.
On December 29, 2021, INTENGI notified the NGX and investing public that in its effort to meet the capitalization requirement as directed by the National Insurance Commission (NAICOM), it had obtained a No Objection approval of NAICOM for the acquisition of 100% equity of the Company by Norrenberger Advisory Partners Limited.
Have you read? Nigerian Stocks that have gained over 100% in 2022
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.
As a first step, NAPL will acquire 50.62% from key shareholders, following the execution of Share Purchase Agreement between the Acquirer and the Company’s key shareholder.
International Energy Insurance Plc was established business in 1969 as Nigeria Exchange Insurance Company Limited. The company commenced business as Nigeria’s first Energy-Focused Insurance Company, experts in first class underwriting solutions for offshore and onshore risks, as well as general insurance business.
In 2003, Nigeria Exchange Insurance Company Limited was renamed International Energy Insurance Plc, following a major recapitalization.
In 2007, after a successful private placement where it raised capital in the neighborhood of N7.7Billion, IEI became a Plc, and subsequently listed on the Nigerian Exchange. INTENGI has 1,284,085,489.00 outstanding shares and a market capitalization of N487.95 million.
Norrenberger Advisory Partners is a subsidiary of Norrenberger Financial Services Group. Norrenberger Advisory Partners Limited specializes in supporting clients ranging from corporate and financial investors to governments, private companies, and individuals, in the provision of independent business & financial advice.
Norrenberger Financial Services Group is a leading, independent financial services group that provides bespoke financial solutions to individual and institutional clients.
The group has 3 business units; Norreberger Advisory Partners Limited (Investment Banking), Norrenberger Investment and Capital Management Limited (Asset Management) and Norrenberger Securities Limited (Securities Trading).
It’s component companies are licensed and regulated by the Securities & Exchange Commission (SEC).
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
