IEI PLC Reports NGN828 Million Net Loss In Q2

Thomas Wyatt

International Energy Insurance, IEI PLC has released its Q2 2016 result showing the company recorded a net loss of NGN828 million for the second quarter of the year.

This result represents 954% increase in its net loss when compared to its last year result when the company reported a net loss of NGN78,5 million.

To shore up its balance sheet, the company is planning to sell off IEI Anchor Pensions for NGN1,0 billion. “The Company is committed to a plan to sell the investment and an active programme to locate a buyer and complete the plan have been initiated”

IEI PLC said “For this to be the case, the investment has been designed for immediate sale in its present condition subject only to terms that are usual and customary for sales of such investment and its sale is highly probable. For the sale to be highly probable”. The IEI PLC said “The investment is being actively marketed for sale at a price that is reasonable in relation to its current fair value”

 

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