FBN Holdings Plc has officially notified the Nigerian Stock Exchange (NSE) of on-going discussions with its partner Sanlam Emerging Markets to divest 65 per cent equity in FBN Insurance (FBNI) Ltd.
The company stated this in a formal notice sent to the Exchange and signed by the Company Secretary, Mr Seye Kosoko, on Wednesday.
FBN Holdings Plc, in the notice, notified the Exchange and the investing public of its ongoing plan to sell its remaining 65 per cent equity in the company to Sanlam, the owners of 35 per cent equity in FBNI.
The company noted that the move was in line with the “Group’s strategic objectives,” adding that it was currently engaging the regulators for the necessary approvals.
FBN Holdings, however, assured the Exchange that further announcement would be made when the transaction was concluded.
“When completed, the transaction will involve the transfer of FBN Holdings’ 65 per cent stake in FBN Insurance Limited to Sanlam,” it stated.
When concluded, FBNI would be 100 per cent owned by South African-owned Sanlam.
The notification to the NSE is one of the statutory steps required of listed companies when considering a market-sensitive decision or transaction.
FBNI was founded as a Life Insurer in 2010 with a vision to be Nigeria’s first choice in risk underwriting, wealth preservation and financial security.
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.
It was awarded the ‘Best Life Insurance Company in Nigeria’ for the past four years consecutively.
Sanlam Group has been associated with and is the other shareholder of FBNI since it was established in 2010.
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.