Coronation Insurance revives minority buyout, seeks SEC approval for delisting

Coronation Insurance Plc has renewed its application to the SEC for approval of a minority buyout scheme, seeking delisting from the Nigerian Exchange Limited. The insurer, Coronation Insurance, filed a notice on October 23, 2026, with the NGX, outlining the proposed transaction that was previously approved by shareholders in December 2023.

The acquisition, to be carried out by Coronation Capital (Mauritius) Limited and its related parties, would involve minority shareholders purchasing shares held by other investors at the highest trading price recorded for Coronation Insurance's shares over the six months preceding the notification. The current share price stands at N2.43, reflecting a 21% decline over the past year.

The company's core shareholders have reaffirmed their support for the acquisition, pending the necessary regulatory approvals and a Federal High Court order. The final steps involve paying minority shareholders, applying for delisting, and completing the removal of shares from the exchange. However, the exact payment per share and the current post-placement ownership percentages remain undisclosed, urging investors to exercise caution until further announcements.

Brief written by urgent.news from Nairametrics's own syndicated text. Machine-written — may contain errors; check the original before relying on it.