FBN Holdings Divests 65% Equity From FBN Insurance To Sanlam.
OMOTAYO ARAOYE
FBN Holdings Plc (FBNH) has finally divested its 65 percent equity in FBHN insurance to Sanlam Emerging Merkets (Sanlam), with effect from Monday, June 1, 2020.
The move which was in line with the Group’s strategic objectives was signed by FBHN Group Managing Director , U.K Eke and Sanlam Chief Executive Officer (CEO), Heinie Werth and sent formally to the Exchange.
FBHN stated that, “This effectively confers full ownership of FBN Insurance Limited (Life) and its subsidiary, FBN General Insurance Limited on Sanlam forthwith following receipt of all relevant regulatory approvals”. “Indicated in the share dealing purchase agreement, the effective date of the divestment is June 01, 2020”.
Noting that two organizations had activated the shareholders agreement which provided pre- emptive rights to Sanlam.
The divestment move would unlock significant value to leverage the Group’s strength in its core business for which it is renowned.
FBN Insurance was awarded the ‘Best Life Insurance Company in Nigeria’ for the past four years consecutively.
The Company is 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 is well respected for its quality of service, integrity, innovation and professionalism.
Sanlam Group has been associated with and is the other Shareholder of FBN Insurance Plc since it was established in 2010.
The Company with over 100years experience and expertise in Insurance, Asset Management, Wealth Management and Investments is one of the leading Insurance companies in Africa.
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