The Managing Director, Continental Reinsurance (CRe), Dr Olufemi Oyetunji, has confirmed the reinsurer’s plan to restructure for improved business delivery.
Oyetunji gave the confirmation in an interview with the News Agency of Nigeria (NAN) on Monday in Lagos.
According to him, the gesture do not in any way depicts that the company planned to delist from Nigerian Stock Exchange (NSE), as being speculated.
He said the company would only change its business structure to attract more capitals.
Oyetunji noted that under the restructuring, the company’s shares would be transferred to CRe Investments in exchange for shares in CRe investment.
“Under the new scheme, shareholders have the option to receive one ordinary share of one dollar each in the capital of CRe Investments for 176 Ordinary Share of 50k each in the capital of CRe Nigeria as at the effective date.”
“The second option is for them to receive N2.04 per ordinary share of 50k each held by the shareholders as at the effective date,’’ he said.
The CRe chief added that 92.66 per cent of shareholders voted in favour of the restructuring, while 7.34 per cent voted against it.
He explained that any shareholder who chose to remain with the company could either decide to receive dividends from the company and bring more money back or not to receive dividends at all.