Energy insurance firm, International Energy Insurance, settles a substantial ¥1.85 billion loan, facilitated by Norrenberger.
In a significant move, International Energy Insurance Plc (IEI) has fully settled its outstanding loan with Mirae Asset Securities (UK) Limited, formerly known as Daewoo Securities. The loan, a JPY 1,850,000,000 zero-coupon bond, had a 20-year maturity, with the principal scheduled for repayment on January 23, 2028.
The settlement was approved by IEI's shareholders during the Annual General Meeting held on April 10, 2025. Norrenberger Advisory Partners Limited (NAPL) was tasked with settling the debt on behalf of IEI. The loan was initially issued by IEI to Daewoo Securities (Europe) Limited on January 24, 2008.
However, the name of the company that initiated the takeover of IEI in 2021 is not provided in the available search results. Accumulated losses of over N21 billion meant dividends could not be paid until the balance sheet was restructured.
The disclosure was necessary due to recent developments regarding IEI's financial reporting, particularly the audited statements for the 2024 fiscal year. In 2024, IEI reported a negative shareholders' fund of N7.7 billion and total assets of N19.5 billion. These audited statements are still under review by NAICOM.
This settlement marks a significant step for IEI as it continues to navigate through financial challenges and work towards a more stable future. The exact details of the takeover and the identity of the acquiring company remain unknown at this time.
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