By Taofik Salako
The Nigerian Stock Exchange (NSE) has placed full suspension on trading in the shares of Continental Reinsurance Plc. The suspension was in furtherance of the bid by the majority core investor to acquire minority shareholdings in the reinsurance company.
Head, Listings Regulation Department, Nigerian Stock Exchange (NSE), Godstime Iwenekhai said the suspension was to prevent further trading in the shares of the company beyond the effective date of the acquisition. The effective date is the day the certified true copy (CTC) of the court sanction will be registered with the Corporate Affairs Commission (CAC), which brings into force the Scheme of Arrangement by which CRe African Investments Limited (CRe Investments) will acquire all the shares of Continental Reinsurance.
Shareholders had at the court-ordered meeting approved the take-over bid launched by the majority core investor in the Nigerian reinsurance company to buy out retail minority shareholders and…