Intl Energy Insurance to raise N10bn fresh funds

International Energy Insurance Plc (IEI) is to approach the Nigerian Capital Market to raise fresh funds of N10 billion. Jacob Erhabor, Managing Director/ Chief Executive Officer (MD/CEO) of the company made this affirmation to Proshare NI in Lagos Nigeria.

“IEI is proposing to raise additional funds of N10 billion, it is on the table and we are trying to conclude with the plans” Erhabor said.

He affirmed that the offer would likely open before the end of the current quarter. “Before the end of this quarter, we should actualise it” he said.

As at the time of filling in this report, Erhabor confirmed to Proshare NI that the offer price has not yet been fixed; as it is a function of a number of issues.

“I would not want to make a guess as regards the offer price; it has to be based on certain fundamentals” he affirmed.

He however, confirmed to Proshare NI that IEI has not gone to the Quotations Committee of the Nigerian Stock Exchange (NSE) to present its proposal of raising fresh funds. “There are so many things to be put in place” Erhabor said.

“Today, I can assure you that IEI has about N12 billion to do its business successfully” he affirmed.

The company was subsequently recapitalised to N500 million to meet with the challenges of its new business focus. IEI has since increased its authorised share capital to N6, 000,000,000 comprising of 12,000,000,000 ordinary shares of 50 kobo”

In the same vein, the insurance company has proposed to give its investors a 0.9 Kobo dividend payout in its current Financial Year End (FYE).

Erhabor further confirmed to Proshare NI, that the 0.9 Kobo dividend payout being proposed to investors; is the beginning of good returns to their investment in the company.

However, the 0.9 Kobo dividend is subject to the approval of the company’s Board at its forthcoming Annual General Meeting (AGM).

Also, as at the time of filling in this report, Proshare NI could not gather further details concerning the proposed N10 billion Public Offer (PO) of IEI.