By InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) Friday said it has placed the shares of insurance firm International Energy Insurance Plc (IEI) on full suspension.

This is coming on the heels of a proposed share reconstruction from the insurance company which will see its shareholders getting one new share of the company for every five previously held (1 for 5).

“The shares of International Energy Insurance Plc was placed on Full Suspension by the Exchange following the approvals to consolidate its outstanding shares from 6,420,427,449 shares to 1,284,085,489 shares i.e. 1 share for every 5 shares held from Thursday 6th to Thursday 20th June, 2013″.

According to IEI, the proposed newly reconstructed shares will be listed on the Exchange at N2.50.