FBN Holdings Plc has announced the sale of its 100% equity stake in its wholly-owned subsidiary, FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.
The sale and purchase agreement which aligns with FBN’s strategy to optimize its portfolio within the group, is subject to approvals from the relevant regulatory authorities.
This disclosure is contained in a notification to Nigerian Exchange Limited (NGX) and the investing public on Friday, September 7, 2024, by FBN Holdings Plc and signed by its acting Company Secretary, Adewale Arogundade.
FBN Holdings, in its notification, stated that EverQuest Acquisition LLP, which comprises Custodian Investment Plc, Aion Investment, and Evercorp Industries, was selected as the preferred bidder after a competitive bid process.
What FBN Holdings Plc is saying
The notification from FBN Holdings Plc reads, ‘’In accordance with the Nigerian Exchange Limited (NGX) rule book, we hereby notify the Nigeria Exchange Limited (NGX) and the investing public that FBN Holdings Plc (‘the company’) has entered into a share sale and purchase agreement to divest its 100% equity stake in its wholly owned subsidiary, FBNQuest Merchant Bank Limited. This sale is in alignment with the company’s strategy to optimize its portfolio within the group.
‘’Following a competitive bid process, EverQuest Acquisition LLP (comprising Custodian Investment Plc, Aion Investments and Evercorp Industries) was selected as the preferred bidder. The completion of the sale is subject to approvals from the relevant regulatory authorities.’’
More to come…
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