Nigeria: IEI's Shares Crash By 76 Percent After Reconstruction

18 September 2013

Shareholders of International Energy Insurance (IEI) Plc, an underwriting firm and energy specialist, are counting their losses, as a share reconstruction exercise that was promised to enhance the value of the shareholders has instead eroded the value of their investments.

The directors of IEI had told the shareholders that as part of efforts to consolidate the position of the company in the insurance industry and enhance its market capitalisation and access to investment fund in the medium and long term, a share reconstruction was necessary.

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