By Our Correspondent

Lagos (INVESTADVOCATE)-International Energy Insurance Plc (IEI) Monday said its shareholders will get one new share of the company for every five previously held.

This is contained in a notice from the company to the Nigerian Stock Exchange (NSE) that it has received all necessary regulatory approvals to consolidate its shares outstanding from 6,420,427,449 shares to 1,284,085,489 shares i.e. 1 share for every 5 shares held.

The Company has therefore requested that its shares be placed on full suspension on the floors of the Nigerian Stock Exchange from Thursday, 6th June 2013 to Thursday, 20th June 2013.

According to IEI, the price the proposed newly reconstructed shares will be listed on the Nigerian Bourse is N2.50.