AIICO Insurance Plc (AIICO) on Thursday 25 June notified the Nigerian Stock Exchange (NSE), that it has entered into discussions with FCMB Pensions Limited (FCMB Pensions”), for the sale of 70% stake in its Pension Management subsidiary, AIICO Pensions Managers Limited (AIICO Pensions) to FCMB Pensions Limited.
This was contained in a statement signed by the Company Secretary, Donald KANU.
The proposed sale covers AIICO’s 70% stake and other 26% owned by other shareholders. Thus, FCMB Pensions Ltd will purchase a cumulative of 96% stake in AIICO Pension Managers Ltd.
At the conclusion of the proposed sale, “AIICO Pensions shall cease to be a subsidiary of AIICO Insurance Plc.” the statement read in part.
According to the statement, the proposed transaction is subject to the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission.
The company said it “shall notify the Nigerian Stock Exchange (NSE) once the relevant approvals for the transaction are received.”
Read also; Stock stories – AIICO Insurance Plc
FCMB Pension Ltd is a pension management subsidiary of FCMB Group Plc. The Group in a separate statement on Thursday confirming the purchase said, “the proposed acquisition will make AIICO Pensions an indirect subsidiary of FCMB Group Plc.”
The statement was signed by Kayode Adewuyi, the Group Chief Financial Officer and Ladi Balogun Group Chief Executive.
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