By InvestAdvocate
Lagos (INVESTADVOCATE)- ECP Africa Fund II PCC and its partners (the ECP Fund II Consortium) has said they will divest 50.6 percent stake in Nigerian reinsurance firm, Continental Reinsurance Plc, the company said in a notice to the Nigerian stock exchange (NSE).

According to the notice, C-Re Holding is a Mauritius-based limited liability company wholly owned by the ECP Fund II Consortium and is the majority shareholder in Continental Reinsurance Plc, currently holding approximately 50.6% of the issued share capital of the Company.

ECP Africa II PCC and its partners are exploring the potential divestment of their investment in C-Re Holding Limited, which holds a majority equity stake in Continental Reinsurance Plc. The Company therefore advises shareholders to exercise caution when dealing in the company’s shares until a further announcement is made.

Similarly, the Nigerian reinsurance firm, Continental Re said recently it has been granted a license to open a subsidiary in Gaborone, Botswana, the company said in a notice to the Nigerian stock exchange (NSE).

The reinsurer said the new company will operate and be known as Continental Reinsurance Company Limited, Gaborone, Botswana.

‘’Continental Reinsurance Plc owns 60 percent (60%) of the shares of the new company,’’ the company said.

The company said with this new deal, Continental Reinsurance Plc will be able to serve all the countries existing in the South of Africa and the African Indian Ocean Islands including Angola, Mozambique, Botswana, Namibia, Lesotho, South Africa, Madagascar, Swaziland, Malawi, Zambia, Mauritius and Zimbabwe in line with its strategic direction.

‘’This is expected to significantly boost premium income and profit of Continental Reinsurance Plc,’’ the notice said.