BY NKECHI NAECHE-ESEZOBOR—FBN Holdings Plc and Sanlam Emerging Markets (Proprietary) Limited have announced the completion of the sale and transfer of FBNH’s 65 per cent shareholding in FBN Insurance to Sanlam.
The Boards of Directors of both organisations stated this in a divestment announcement on Tuesday, pasted on the Nigerian Stock Exchange website.
According to the statement by the holding company the divestment was signed by Urum Kalu Eke, FBNH Group Managing Director, and Heinie Werth, Sanlam Chief Executive Officer.
It added the divestment confers full ownership of FBN Insurance and its subsidiary, FBN General Insurance Limited, on Sanlam.
The statement thus read: “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.”
FBNH had on April 15 officially notified the Exchange of ongoing discussions with its partner Sanlam Emerging Markets to divest 65 per cent equity in FBNI Ltd.
The company has grown to become one of the best insurance companies in Nigeria with a subsidiary that undertakes general insurance business, offering a broad range of investment and risk underwriting products.
Sanlam Group has been associated with FBNI since it was established in 2010 and was the other shareholder.
Sanlam, with over 100 years experience and expertise in Insurance, Asset Management, Wealth Management and Investments, is one of the leading Insurance companies in Africa.