AIICO Insurance Plc has notified the Nigerian Exchange (NGX) Ltd of the completion of the sale of AIICO Insurance’s 33.9 per cent shareholding in AIICO Pensions Managers Ltd to FCMB Pensions Ltd.
The Company Secretary of AIICO Insurance, Mr Donald Kanu, said this in a notice to the NGX said the notice was in pursuant to Rule 17.6 of the Issuers Rules, Rulebook of the NGX 2015, following the obtaining of all relevant regulatory approvals.
He said that based on the transaction structure approved by the regulators, only 33.9 per cent of AIICO Insurance’s shareholding in AIICO Pensions was sold to FCMB Pensions.
Kanu said this was against the 70 per cent stake as indicated in its earlier notification to the NGX.
He added that FCMB Pensions bought 26.1 per cent stake held by other shareholders in AIICO Pensions thereby making FCMB Pensions a majority shareholder with 60 per cent stake in AIICO Pensions.
He said, “In line with the approval from the National Pension Commission (PENCOM), the transaction is subject to a merger of AIICO Pensions and FCMB Pensions.
“This is in compliance with the PENCOM’s circular ref: PENCOM/INSP/CIR/SURV/15/03 of Sept. 21, 2015 which states that “no individual, group of individuals or company shall have direct or indirect ownership/shareholding of five per cent and above in more than one licensed Pension Fund Operator.”
Kanu said following the sale, AIICO Pensions ceases to be a subsidiary of AIICO Insurance but an indirect subsidiary of FCMB Group Plc.