Thursday, December 30, 2021 / 10:58 AM / NGX /Header Image Credit: Norrenberger

International Energy Insurance Company Plcwishes to notify the Nigerian Exchange Limited (NGX) and the investing publicthat in its effort to meet the capitalization requirement as directed by theNational Insurance Commission ("NAICOM") the Company has sought and obtainedthe No Objection approval of NAICOM for the acquisition of 100% equity of theCompany by Norrenberger Advisory Partners Limited.

Recall that, pursuant to Rule 17.17: ClosedPeriod, Rulebook of NGX (Issuers' Rules) (As amended), the Company hadpreviously announced the commencement of a Closed period for the trading of theCompany's Shares from 31 May, 2021 during which, no Director, personsdischarging managerial responsibilities and Advisers of the Company and theirconnected persons shall deal in the securities of the Company. The Closedperiod will remain in force until 24 hours after all the details of thetransaction are released to the Public.

As a first step, the Acquirer has commenced theprocess of obtaining the approvals of the Federal Competition and ConsumerProtection Commission (FCCPC) and the Securities and Exchange Commission (SEC)for the acquisition of 50.62% from the key shareholders, following theexecution of Share Purchase Agreement between the Acquirer and the Company'skey shareholders.

Investors would be updated on the progress ofthe transaction in due course.

Visit International Energy Insurance Company Plc IR Page in Proshare MARKETS 

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