FBN Holdings Plc has divested its 65 per cent equity in FBN Insurance Limited to Salam (PTY) Limited, which used to hold 35 per cent stake in the insurance firm.
The financial conglomerate had in April announced its plan to divest, saying it is in line with FBN Holdings’ “strategic objectives.”
However, in a notification to the Nigerian Stock Exchange (NSE), FBN Holdings Plc said it had completed the divestment.
“The boards of directors of FBN Holdings and Sanlam Emerging Markets (Proprietary) wish to announce the completion of the sale and transfer of FBN Holdings’ 65 per cent shareholding in FBN Insurance Limited to Sanlam. This effectively confers full ownership of FBN Insurance and its subsidiary, FBN General Insurance Limited on Sanlam forthwith, following receipt of all relevant regulatory approvals,” the group said.
Commenting on the divestment, Group Managing Director, FBN Holdings Plc, UK Eke, said “The…
Source: Thisday Newspaper