FBN Holdings (FBNH) Plc and Sanlam Emerging Markets (Proprietary) Ltd (Sanlam) have announced the completion of the sale and transfer of FBNH’s 65 per cent shareholding in FBN Insurance (FBNI) to Sanlam.
The Boards of Directors of both organisations stated this in a divestment announcement on Tuesday posted on the Nigerian Stock Exchange (NSE) website. The divestment announcement was signed by Mr Urum Kalu Eke, FBNH Group Managing Director and Mr Heinie Werth, Sanlam Chief Executive Officer.
According to the statement, the divestment confers full ownership of FBN Insurance and its subsidiary, FBN General Insurance Ltd on Sanlam. “This effectively confers full ownership of FBNI and its subsidiary, FBN General Insurance on Sanlam forthwith, following receipt of all relevant regulatory approvals. “Both organisations had activated the shareholders agreement which provides pre-emotive rights to Sanlam.
“Accordingly, and as has been indicated in the Share Purchase Agreement, the effective date of the divestment is June 1,” the statement read. FBNH had on April 15, officially notified the Exchange of on-going discussions with its partner Sanlam Emerging Markets to divest 65 per cent equity in FBNI Ltd. FBNI was founded as Life Insurer in 2010, with a vision to be Nigeria’s first choice in risk underwriting, wealth preservation and financial security.