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Continental Reinsurance Plc (CRe Nigeria) has announced it has submitted its application to the Securities and Exchange Commission (SEC) for the final approval of its restructuring scheme.
In a notification sent to the Nigerian Stock Exchange (NSE) by the company’s secretary, Patricia Ifewulu, it said that sequel to the court-ordered meeting of December 20, 2018, which approved the proposal by CRe African Investments Limited to acquire all outstanding and issued shares of CRe Nigeria for cash or shares, an application has been submitted to SEC for the final approval of the scheme.
The statement said, “the SEC is still reviewing the transaction file and is engaging with the company in that process. The company expects to receive the final approval in the coming weeks and will thereafter apply to the Federal High Court for the approval of the scheme.
“We will continue to update the NSE and the investing public with further developments on the transaction.”
The Scheme of Arrangement for the Proposed Restructuring had received a huge boast as 92 per cent of the shareholders gave a nod to the plans and according to the company’s Group Managing Director, Femi Oyetunji, the scheme is expected to drive the development of CRe’s product portfolio to compete with competition especially as the company eyes A+ rating which grants access to profitable big ticket businesses that will drive significant growth and profitability for the group.
Oyetunji noted that the key driver of competitiveness is financial strength underscored by ratings and capital and these two determine business quality and volume as well as confer preferred status by ceding companies, thereby creating access to profitable big ticket business. He further explained that CRE-African Mauritius Investment, which is the holding company in Mauritius, was carefully selected because Mauritius is an environment that would assist the company in getting to its aim by 2020.
