FBN Holdings Plc has announced the completion of its divestment from its former subsidiary — FBN Insurance Ltd. According to a public disclosure that was sent to the Nigerian Stock Exchange, FBN Holdings’ previously-held 65% stake in FBN Insurance was completely sold to Sanlam Emerging Markets Ltd. The effective divestment date was June 1st, 2020.
Following the divestment, Sanlam Emerging Markets Ltd will now have full ownership of the insurance company and its subsidiary — FBN General Insurance Ltd. This is, however, subject to necessary regulatory approvals of the divestment.
“The Board of Directors of FBN Holdings Plc (FBNH) and Sanlam Emerging Markets (Proprietors) Limited (Sanlam) wish to announce the completion of the sale and transfer of FBNH’s 65% shareholding in FBN Insurance Ltd to Sanlam.
“This effectively confers full ownership of FBN Insurance Limited and its subsidiary, FBN General Insurance Limited on Sanlam forthwith, following receipt of all relevant regulatory approvals,” the statement said in parts.
It should be noted that the statement, which was signed by both FBN Holding’s group CEO and Sanlam Emerging Markets Ltd’s CEO, did not disclose how much the transaction was valued at.
In the meantime, both FBN Holdings and Sanlam Emerging Markets Ltd have “activated the Shareholders Agreement which provided pre-emptive rights to Sanlam,” the statement said.
As Nairametrics reported, FBN Holdings Plc first hinted at the deal in April this year when it announced that talks were ongoing with Sanlam Emerging Markets and regulators.