FBN Holdings Plc (NGX: FBNH) has notified the Nigerian Exchange Limited (NGX) and the investing public of its intention to sell its 100% equity stake in FBNQuest Merchant Bank Limited.
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FBNQuest Merchant Bank Limited is a wholly owned subsidiary of FBN Holdings Plc.
Formrly known as Kakawa Discount House, FBNQuest Merchant Bank Limited licensed by the Central Bank of Nigeria is a leading corporate and investment banking house.
In a regulatory filing on Friday signed by Adewale L.O Arogundade, Ag. Company Secretary , FBNH stated that it has entered into a Share Sale and Purchase Agreement to divest its 100% equity equity stake in FBNQuest.
Following a competitive bid process, EverQuest Acquisition LLP comprising of Custodian Investments Plc, Aion Investments and Evercorp Industries) was selected as the preferred bidder. The completion of the sale is subject to approvals from the relevant regulatory authorities.
The sale the statement read is in alignment with FBNH’s strategy to optimize its portfolio within the Group.
FBN Holdings Plc y was incorporated as a private limited liability company in Nigeria in 2010 and was converted to a public company in September 2012, when it commenced operations.
The Company’s shares were listed on the floor of the Nigerian Exchange Limited (formerly known as the Nigerian Stock Exchange) on 26 November 2012, after the shares of the erstwhile First Bank of Nigeria Plc were delisted on 23 November 2012.
The Company’s principal activity is raising and allocating capital and resources. The Company is responsible for managing shareholders, coordinating Group-wide financial reporting to shareholders, investors and external relations with the Group. It also develops and coordinates the implementation of the Group’s strategies.
The Company has six direct subsidiaries, namely: First Bank of Nigeria Limited, FBNQuest Merchant Bank Limited, FBNQuest Capital Limited, FBNQuest Trustees Limited, FBN Insurance Brokers Limited, Rainbow Town Development Limited; and indirect subsidiaries, namely: FBNBank (UK) Limited, FBNBank DR Congo Limited, FBNBank Ghana Limited, FBNBank Sierra Leone Limited, FBNBank Guinea Limited, FBNBank Gambia Limited, FBNBank Senegal Limited, First Pension Custodian Nigeria Limited, FBNQuest Asset Management Limited, FBNQuest Securities Limited, FBNQuest Funds Limited, FBNQuest Capital Partners Limited, FBNQuest Property Ventures Limited and FBN Ivory Nigeria Limited.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
