Ebere Nwoji
Worldwide Vitality Insurance coverage Plc (IEI), has held a digital Extraordinary Basic Assembly (EGM) by which Shareholders accepted all proposed resolutions, marking a big milestone within the Firm’s recapitalisation and progress technique.
The important thing outcomes of the EGM embrace fairness Conversion by which shareholders accepted and ratified the conversion of the N2 billion deposit by Norrenberger Advisory Companions Restricted into fairness by way of the issuance of 1.25 billion new peculiar shares at N1.60 per share.
The Chairman of the Board, Alhaji Bukar Goni Aji, mentioned this strengthens IEI’s capital base and reinforces investor confidence.
He mentioned the administration of the corporate was authorised to boost capital as much as N17.5 billion by way of varied devices, together with Non-public Placement, Rights Difficulty, Public Provide, or Strategic Investor participation, topic to regulatory approvals.
Additionally, the corporate effected modification of the Memorandum and Articles of Affiliation to up to date and to mirror the enlarged share capital, guaranteeing compliance with the Firms and Allied Issues Act, 2020.
Shareholders additionally granted the board and administration authority to execute all mandatory steps for the accepted actions and ratified previous to associated actions.
Goni mentioned the success of the EGM marked a turning level within the Firm because it accelerated its recapitalisation program in keeping with regulatory necessities and trade reforms.
