Norrenberger Advisory Partners moves to buy out IEI’s minority shareholders

Norrenberger Advisory Partners Limited (NAPL) is on course to buy out minority shareholders of International Energy Insurance Plc (IEI).

The board of directors of IEI announced on Friday the proposed mandatory takeover by NAPL of 634,212,476 ordinary shares from the other shareholders at a price of N1.60 per share.

IEI said it had in a circular dated June 4, 2024 notified all its minority shareholders that NAPL had completed the acquisition of 649,873,013 ordinary shares of the company, representing 50.61% equity, making it the largest and majority shareholder.

It said the acquisition triggered the mandatory takeover offer provisions of the Investment and Securities Act and Securities and Exchange Commission (SEC) Regulations.

The company added that SEC had granted the “authority to proceed” with the takeover.