Pan-African reinsurer Continental Reinsurance (CRe Nigeria) has taken a step forward in its ongoing restructuring efforts with the delisting of its shares from The Nigerian Stock Exchange.
This will now prevent trading in the company’s shares beyond the effective date of the scheme of arrangement, at which point the firm’s investment arm, CRe Investments, will acquire all the shares.
It was first announced in late 2018 that this process would be moving forward, as the firm looked to consolidate CRe Nigeria’s operations and reposition it for enhanced competitiveness in the global market.
The firm has previously stated that it’s making the offer in order to initiate a “much needed restructuring exercise for CRe Nigeria.”
It is intended that the transaction will be executed through a scheme of arrangement under section 539 of the companies & allied matters act cap C20 laws of the federation of Nigeria 2004 and other applicable rules and regulations.
The scheme is also subject to the approval of the shareholders at a court-ordered meeting as
well as the sanction of the Federal High Court.