Norrenberger gets NGX nod to acquire 649.8m shares of IEI

The Nigerian Exchange Limited (NGX) has approved the block divestment of 649,873,013 ordinary shares of International Energy Insurance Plc (IEI) to Norrenberger Advisory Partners Limited (NAPL) at N1.60 per share. Norrenberger Advisory Partners is a subsidiary of Norrenberger Financial Services Group.

The block divestment to Norrenberger Advisory Partners Limited valued at N1.04billion represents 50.61percent equity interest in International Energy Insurance Plc held by Rivers State Government; Pearl Chrix Property’s Limited; Ski Consult; Trustbanc Asset Management Limited; and Stanbic Nominees Nigeria Limited.

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The Securities and Exchange Commission (SEC) had granted its “No Objection” to the acquisition. With the NGX approval, NAPL is set to 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. The Nigerian Exchange Limited on May 31 approved the transaction executed by Norrenberger Securities Limited as stockbrokers.

International Energy Insurance Plc consolidated and separate statements of profit or loss for the period ended December 31, 2020 shows it report pre-tax loss of N139.612million as against pre-tax profit of N308.114million in same period of 2019.

In same period, the insurance company recorded loss after tax (LAT) of N177.888million from after tax profit of N275.388million in 2019. This is despite growing its gross premium written to N563.007million in 2020 from N525.947million in 2019.