Wednesday 25 June 2014

NSE postpones approval for FBN Life’s acquisition of Oasis insurance

By Chioma Obinagwam

The Nigerian Stock Exchange (NSE) has said it is yet to grant approval to First Bank of Nigeria (FBN) Life Limited, a subsidiary of FBN Holding and Sanlam of South Africa of the acquisition of Oasis Insurance Plc.

The NSE in a notice on its official website said qualification dates as well as the opening and closing dates of the tender Offer are no longer feasible as the company is yet to receive approval of the quotations committee of national council of Nigeria’s Exchange for the consummation of the transaction.

‘’Please recall that on June 4, 2014 a Market Bulletin was communicated to market operators regarding the qualification date as well as the opening and closing dates of the above Tender Offer," the NSE said.

"Kindly be informed that these dates are no longer feasible as the company is yet to receive approval of the quotations committee of national council of The Exchange for the consummation of the transaction,’’ it continued.

The NSE said the new date will be communicated to the market in due course.

FBN Life is seeking to acquire I, 872,911,465 ordinary shares Of 50 kobo each in oasis Insurance.

It was also reported that (FBN) Life Assurance had earlier acquired 71.2 per cent of NSE-listed Oasis Insurance, as it seeks to deepen its foray into the general insurance business.

The Chief Executive Officer FBN Holdings, Mr. Bello Maccido stated: "The formal acquisition of Oasis Insurance provides us with an entry point into the general insurance sector of the Nigerian Insurance Industry."

Oasis Insurance is a Nigerian-based general insurance company with services including general accident, motor, marine, aviation, oil & gas, bond and engineering all-risk policies.

FBN bought 4.6 billion shares at 50kobo each after it got approval from FBN Holding’s board, Oasis shareholders and other relevant stakeholders and authorities.

Source Tribune

No comments: