FBN
Insurance will launch a bid next week to buy out the 28.8 percent minority stake
in Oasis Insurance that it does not already own, in a deal valued at N1.03
billion ($6.34 million).
FBN
Insurance, jointly owned by Nigeria’s FBN Holdings (65 %) and South Africa’s Sanlam (35%), acquired a
71.2 percent stake in the motor and fire insurer in February.
It
will offer
N0.55 per share to buy the remaining 1.87 billion shares, the
company said on Thursday.
The
buy-out process opens on July 10 and will last for three weeks, after which FBN
Insurance intends to delist Oasis from the Nigerian Stock Exchange (NSE).
Shares
in Oasis were trading at N0.50 on Thursday, giving the company a market
capitalisation of N4 billion.
Sanlam
has said FBN Insurance’s acquisition of the 71.2 percent Oasis stake gave it an
entry point into the general insurance sector in Nigeria, Africa’s most
populous nation.
BusinessDay
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