FBN Holdings Plans to Divest Stake From FBN Insurance

FBN Holdings plc has notified its stakeholders and the general public about ongoing talks regarding a planned divestment of its 65 per cent stakeholding in FBN Insurance Ltd.

A statement that was sent to the Nigerian Stock Exchange, FBN Holdings said that its entire holdings in the subsidiary would be sold to Sanlam PTY Limited.

Sanlam PTY already owns a 35 per cent stake in FBN Insurance.

According FBN Holdings, while the divestment talks with Sanlam PTY continues in the meantme we  continue to engaging the necessary regulatory bodies in this regard.

FBN Holdings also informed stakeholders that further announcements will be made as the discussions progress.

“We are engaging the regulators on this matter and further announcements will be made as the discussions progress. Please direct all enquiries to the Chief Financial Officer, FBN Holdings Plc, Wale Ariyibi,” the statement reads in parts.