By Nkiruka Nnorom
International Energy Insurance Plc has secured the approval of shareholders to raise N13 billion from the capital market to enhance its operation.
The expected new capital when injected would enhance the firm’s working capital, improve IT infrastructure, meet solvency requirement as well as help to pursue other investment opportunities.
The shareholders, who gave the nod at the company’s 24th Annual General Meeting, AGM, approved that the directors in conjunction with the Technical Committee should further recapitalize the company by raising additional N9 billion, which when added to initial recapitalization approval of N4 billion given at its 41st Annual General Meeting amounts to a total approval of N13 billion.
The shareholders also authorised the Board to raise the funds either from capital markets, local, or foreign investors whether by way of private placement, public or rights issue and /or issuing ordinary and/ or preference shares of the company for such equity, whether by bonds, convertible loans or other debt instruments, with or without the option of converting such bonds, loans or other debt instruments to ordinary and or preference shares of the company or by debt equity conversion upon such terms and conditions as the directors may see fit or determine, subject to all relevant approvals.
Besides, the directors were also authorized to constitute a Technical Committee of the Board and shareholders to re-negotiate and restructure the company’s indebtedness to Daewoo Securities (Europe) Limited.
Speaking at the event, Mohammad K Ahmad, Interim chairman of the Board, who was appointed on May 18, 2015 following regulatory intervention by the National Insurance Commission, NAICOM, said the Board has taken necessary actions to stabilize and ensure sound management and growth of the company,He noted that the Interim Board has succeeded in getting approvals of the company’