Home » Business » Share Purchase Agreement: How FBN Holdings Sells 65% Insurance stake to Sanlam Emerging Markets

Share Purchase Agreement: How FBN Holdings Sells 65% Insurance stake to Sanlam Emerging Markets

IT News Nigeria: 

The Boards of FBN Holdings Plc (“FBNH”) and Sanlam Emerging Markets (Proprietary) Limited (Sanlam) wish to announce that they have completed the sale of FBN Holdings Plc’s 65% shares in FBN Insurance Limited to Sanlam via a Share Purchase Agreement (“SPA”). This effectively confers full ownership of FBN Insurance Limited (Life) and its subsidiary, FBN General Insurance Limited on Sanlam forthwith, following receipt of all relevant regulatory approvals.

Both organisations had activated the Shareholders’ Agreement which provided pre-emptive rights to Sanlam. 

Accordingly, and as had been indicated in the SPA, the effective date of the Divestment is June 01, 2020.

Commenting on the divestment, UK Eke, MFR, Group Managing Director, FBN Holdings Plc said ’The divestment is in line with the Group’s medium to long term strategic objectives. This will ultimately improve our shareholders’ wellbeing and deliver greater value to all the stakeholders”.

Over the years we have enjoyed a mutually beneficial partnership with FBNH, and we will continue to cooperate with them in the future. Sanlam exercised its pre-emptive right to acquire the remaining shareholding of FBNI and in line with our partnership philosophy that underpins our business model, we will introduce local shareholding at an appropriate time in the future. This transaction is evidence of our belief and confidence in the value and future of the business, as well as the skilled management team and staff. Moreover, we are committed to Nigeria and view it as a key market on the continent,” said Sanlam Emerging Markets (Proprietary) Limited’s Chief Executive Officer, Mr Heinie Werth.

This divestment however, has no impact on FBN Insurance Brokers Limited as it remains a wholly owned subsidiary of FBN Holdings Plc. Since its establishment 20 years ago, the firm has continued to provide bespoke Insurance Broking and Advisory Services to the FBN Holdings Group and its customers.

READ ALSO  MoDiTECH 2019: NCC's Danbatta Reaffirms Assurance to Stimulate Digital Economy

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

CWG Plc holds 15th Annual General Meeting, ends Financial Year with N9.56bn net revenue

IT News Nigeria: CWG Plc held ...

After a decade: Atedo Peterside resigns as Cadbury Board Chairman

IT News Nigeria: Cadbury Nigeria Plc ...

Gaining broader backing in WTO DG Race: Okonjo-Iweala confident of ‘strong support’ from Africa

IT News Nigeria: Nigeria’s candidate to ...

Encouraging e-Banking under COVID-19: Ecobank Extends Zero Charge for Digital Money Transfers

IT News Nigeria: Ecobank has within ...

Konga @ 8: Anticipation as flash sales commence today

IT News Nigeria: Konga, Nigeria’s composite ...