IEI shareholders approve N17.5bn capital raise for recapitalisation plan

Shareholders have approved International Energy Insurance Plc’s plan to raise up to N17.5 billion through various instruments, including private placement, rights issue, public offer, or strategic investor participation, as part of its recapitalisation drive. The decision was taken at the Extraordinary General Meeting (EGM) held virtually. At the meeting, shareholders overwhelmingly approved all proposed resolutions, marking […]

Shareholders have approved International Energy Insurance Plc’s plan to raise up to N17.5 billion through various instruments, including private placement, rights issue, public offer, or strategic investor participation, as part of its recapitalisation drive.

The decision was taken at the Extraordinary General Meeting (EGM) held virtually.

At the meeting, shareholders overwhelmingly approved all proposed resolutions, marking a significant milestone in the Company’s recapitalization and growth strategy.

According to a statement, shareholders ratified the conversion of the N2billion deposit by Norrenberger Advisory Partners Limited into equity through the issuance of 1.25 billion new ordinary shares at N1.60 per share.

“This strengthens IEI Plc’s capital base and reinforces investor confidence,” the statement said.

The statement also hinted that the Board received full authorization to raise up to N17.5 billion through various instruments, including Private Placement, Rights Issue, Public Offer, or Strategic Investor participation, subject to regulatory approvals.

“The Memorandum and Articles of Association will be updated to reflect the enlarged share capital, ensuring compliance with the Companies and Allied Matters Act, 2020,” it added.

Shareholders also granted the Board and management authority to execute all necessary steps for the approved actions and ratified prior related activities.

The Chairman of the Board, Alhaji Bukar Goni Aji, represented by Dr. Adeyinka Hassan, a Non-Executive Director at the company stated that it demonstrates the shareholders’ confidence in the company’s transformation agenda and commitment to building a stronger, more competitive insurance business.