Firm Acquires 75% Stake In Great Nigeria Insurance For N3.24bn | Independent Newspapers Limited
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Firm Acquires 75% Stake In Great Nigeria Insurance For N3.24bn

Posted: Oct 10, 2016 at 9:50 am   /   by   /   comments (1)

Great Nigeria Insurance Plc, on Friday notified the Nigerian Stock Exchange (NSE) that Insurance Resourcery Consultancy Services Limited (IRCSL) on September 21, 2016 concluded the acquisition of its 2.87 billion ordinary shares, representing 75 per cent equity stake for N3.243 billion.
It emerged winner of the competitive bid process, offering N1.13 a per share, or a premium of 126 per cent to the market price of 50 kobo each, which according to the statement “underscores the value inherent in one of Nigeria’s oldest insurance company with attractive real estate portfolio and no debt on its balance sheet.”
The transaction undertaken by Wema Asset Management Limited through the negotiated cross deal window of the Nigerian Stock Exchange (NSE), according to a press statement, “marks the closure of the acquisition process that started in 2011,” followed the directive of the Central Bank of Nigeria (CBN).
The CBN had in 2011 directed that banks divest from non-banking subsidiaries in the aftermath of the stress testing of the nation’s banks in 2009 which showed that they were exposed to the capital market, as well as the oil and gas sectors.
Banks that did not desire to operate a holding company structure were subsequently directed to divest from their insurance, mortgage and capital market subsidiaries particularly.
Friday’s statement noted that following the CBN directive, IRCSL submitted an expression of interest to Wema Asset Management on September 28, and was named winner exactly three months after.
The statement quoted Mrs. Cecilia Osipitan, chief executive officer of NGI Plc as saying the consummation of the transaction will enable the current board and management of GNI focus on unlocking the inherent value in the company with a view to delivering strong shareholder returns through consolidation of market share in identified niche markets, excellent customer service, prompt claims payment and aggressive investment income.

Comments (1)

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