The
Asset Management Corporation of Nigeria (AMCON) yesterday announced the
successful completion of the sale of the entire issued and fully paid up
ordinary shares of Enterprise Bank Limited to HBCL Investment Services Limited
(HISL) for a consideration of N56.1 billion.
The
transaction, according to AMCON, was structured as a broad public auction
process which attracted interest from multiple domestic and international
bidders, with HISL emerging as the preferred bidder.
It
reiterated that
the completion of the transaction followed the fulfillment of
the terms and conditions stated in the Share Purchase Agreement (SPA) executed
between AMCON and HISL.
“The
transaction has been approved by the Board of Directors of AMCON and relevant
regulatory approvals have been obtained from the Central Bank of Nigeria and
the Securities and Exchange Commission.
“In
line with AMCON’s strategic objectives, this transaction marks the divestment
of the first of three banks that were acquired by AMCON in August 2011 and
represents a landmark transaction in the Nigerian banking sector,” it added.
Citigroup
Global Markets Limited and Vetiva Capital Management Limited acted as Financial
Advisers to AMCON while G. Elias & Co. acted as Legal Advisers to AMCON on
the transaction.
Thisday
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