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FBN Holdings to divests stakes from FBN Insurance

FBN Holdings Plc has informed its stakeholders and concerned public about ongoing talks regarding a planned divestment of its 65% stake in FBN Insurance Ltd.

According to a brief statement it sent to the Nigerian Stock Exchange, FBN Holdings explained that its entire holdings in the subsidiary would be sold to Sanlam PTY Limited which already owns a 35% stake in FBN Insurance.

While the divestment talks with Sanlam PTY continues in the meantime, FBN Holdings is also engaging the necessary regulatory bodies in this regard.

Stakeholders were also told that further announcements will be made as the discussions progress.

Said the statement: “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.

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