With 50.6% Equity Stake, Norrenberger Takes Over International Energy Insurance
The International Energy Insurance Plc has announced the final takeover of its company by Norrenberger, a Financial Services Group.
The company disclosed this in a notification sent to the Nigerian Exchange Limited on Thursday, noting that Norrenberger had obtained the approval of the National Insurance Commission (NAICOM) to acquire 100 per cent of its equity stake.
“Norrenberger has obtained the final approval of NGX for the block acquisition of 50.6 per cent equity in the first instance while it has commenced the process for the approval of the Nigerian Securities and Exchange Commission for the Mandatory Take Over Bid to be able to acquire the remaining holdings of the company.”
“With the acquisition, Norrenberger will expand and strengthen its business model to improve its solutions and service distribution to clients across Nigeria,” the company stated.
According to the statement, NAICOM’s Commissioner for Insurance, Thomas Sunday, while welcoming the development, urged the incoming board of the company on the need for training of staff and directors.
He also emphasised on the need for the directors to be patient to understand the culture, nature as well as principles and practices of insurance because of the peculiarities of the insurance business.
Also, the outgoing Chairman of the Interim Board, M.K. Ahmad, stated that “the need for transparency, and encouraged the spirit of oneness amongst all stakeholders of the company including its management and staff. He also emphasised the importance of culturalisation for the sensitivity of the insurance business.”
Norrenberger is set to strategically develop new opportunities for its stakeholders by utilising technology to revolutionise and reposition the company in the insurance sector of the economy, the company added.