IEI turns N2bn deposit into equity stake after shareholder approval
International Energy Insurance Plc has converted a N2bn deposit from Norrenberger Advisory Partners Limited into equity, creating 1.25 billion new ordinary shares. This move follows shareholder approval at an Extraordinary General Meeting held virtually on 31 December, 2025. The new shares give Norrenberger Advisory Partners Limited an equity stake in the company. The company also received authorisation to raise additional capital and amend its share structure.
TLDR
- IEI converted a N2bn deposit from Norrenberger Advisory Partners Limited into equity by creating 1.25 billion ordinary shares.
- The conversion and related resolutions were approved at an Extraordinary General Meeting on 31 December, 2025.
- The new shares are valued at N1.60 each, with a par value of N0.50, and will rank equally with existing shares.
- Shareholders authorised IEI to raise up to N17.5bn in additional capital through various options.
- Amendments to the Memorandum and Articles of Association were approved to reflect the revised share capital, and all necessary steps for implementation were authorised.
