Other major investors include Reunion Energy Limited and Coronation Asset Management , meaning its core shareholders hold 67 per cent of the issued shares between them.
Coronation Insurance was the underwriting arm of the defunct Intercontinental Bank, a lender acquired by Access Bank in 2012 when Mr Aig-Imoukhuede was the CEO. That is happening as weaker corporate valuations make listed companies all the more attractive to investors desirous of taking them private at bargain prices.
The investors agreed to pay N0.65 to acquire each of Coronation Insurance’s remaining shares, a premium of 30 per cent to the firm’s share price of N0.50 as of 12 August 2021, according to the document.
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