• Thursday, April 18, 2024
businessday logo


Norrenberger Advisory acquires 100% stake in International Energy Insurance

Heritage service

After getting a nod of approval from National Insurance Commission (NAICOM), Norrenberger Advisory Partners Limited, a financial services firm in Nigeria said it has commenced the process for the 100 percent acquisition of International Energy Insurance (IEI).

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 requirements as directed by the insurance industry regulator.

Read also: FMDQ Group may pay N20bn to acquire 21.6% stake in CSCS

The insurer had earlier closed the period for the trading of company’s shares 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 50.62percent from the key shareholders following the execution of share purchase agreement between Norrenbergers and IEI.