First Bank Of Nigeria Holdings PLC, has indicates interest to do away with 65% of their equity in FBN Insurance Limited to their partner, Sanlam Emerging Market.
Sanlam have an existing equity of 35% with FBN Insurance before these new discussions.
FBN who made the ongoing discussion to sell the 65% of their equity known in a notification sent to the Nigerian Stock Exchange, said the move was in line with the “group’s strategic objectives”, adding that they were engaging the regulators for the necessary approval.
The communication to the Nigerian Stock Exchange was signed by FBNH Secretary, Seye Kosoko.
FBN Holdings however assured the Exchange that further announcement would be made if the transaction was concluded.
The proposed divestment was said to be a strategic business decision for the FBNH.
When completed, the transaction will involve the transfer of FBN Holdings’ 65 per cent stake in the FBN Insurance Limited to Sanlam.
The notification is one of the statutory steps required of listed companies when considering a market-sensitive decision or transaction.