Norrenberger Advisory Partners Limited has announced its intention to acquire an additional 634 million ordinary shares in International Energy Insurance Plc through a mandatory takeover bid.
That was disclosed in a document filed by the company on the Nigeria Exchange Limited.
The recent acquisition of 649,873,013 shares by NAP constitutes 50.61 per cent equity in the company, making NAP the largest and majority shareholder.
Also, the Securities and Exchange Commission granted NAPL the approval to proceed with the takeover bid, and the company has notified International Energy Insurance of its intention to purchase the remaining shares from other shareholders.
The firm stated that the remaining shares, which were equivalent to a 49.39 per cent equity stake, would be bought at N1.60 per share.
At the close of trading on Monday, IEI’s shares sold for N1.41.
International Energy Insurance recorded an N1.76bn loss for the first quarter of 2024, compared to N180.17m profit reported in the corresponding period of last year.
The company loss was largely driven by high finance costs, which overshadowed the positive aspects of insurance and investment operations.
Furthermore, operating expenses increased by 125.34 per cent to N582.87m from N258.69m in the previous year.
The company’s total assets grew by 16.7 per cent to N19.51bn from N16.71bn at the end of 2023, driven by increased cash and cash equivalents, investment assets, and trade receivables.
However, this growth in assets was outpaced by the rise in total liabilities, resulting in a deteriorating equity position.
