IEI to Raise Operating Capital to N13 Billion

International Energy Insurance (IEI) Plc, has perfected plans to raise its operating capital to N13 billion.

Approval for this was given by the shareholders at the company’s 42nd annual general meeting held in Kano recently.

Prior to this, the shareholders had at the 41st AGM of the company given their nod to raise the working capital of the company to N4 billion.

Interim Managing Director of the company, Peter Irene, said the new capital which the company may chop from foreign investors among others would enhance the firm’s working capital, improve IT infrastructure, meet solvency requirement as well create room for new investment opportunities.

At the Company’s 42nd Annual General Meeting held in Kano, the shareholders approved that the directors in conjunction with the Technical Committee should further recapitalise the company by raising additional N9 billion, which when added to initial recapitalisation approval of N4 billion given at its 41stAnnual General Meeting amounts to a total approval of N13 billion.

The monies, according to Irene, could be raised from the capital markets, local, or foreign investors whether by way of private placement, public or rights offer 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 deem fit or determine, subject to all relevant approvals.

He said besides that, the directors were also authorised to constitute a Technical Committee of the Board and Shareholders to re-negotiate and restructure the company’s indebtedness to Daewoo Securities (Europe) Limited.