AXA Mansard Insurance Plc has announced its divestment from its subsidiary, AXA Mansard Pension Limited, after agreeing to sell its stake to Eustacia Limited, a member of the Verod Group.
This is part of the insurance firm’s plan to focus on and grow its insurance businesses across all parts of the country.
This disclosure was made in a notification to the Nigerian Stock Exchange on August 8, 2020, by AXA Mansard Insurance Plc and signed by its Company Secretary, Mrs Omowunmi Mabel Adewusi.
AXA Mansard Insurance disclosed that Eustacia Limited was selected as the preferred bidder, after the completion of a bid process.
AXA Mansard along with the minority shareholder agreed to sell the entire issued ordinary share capital of AXA Mansard Pensions comprising 60 per cent shareholding (2,067,672,000 shares) held by AXA Mansard Insurance Plc and 40 per cent shareholding (1,378,448,000 shares) held by the minority shareholder.
The statement from AXA Mansard Insurance said, ‘’AXA Mansard Insurance Plc announces the divestment from its subsidiary, AXA Mansard Pensions Limited.
“After obtaining the Shareholder’s approval at the Company’s Extra-Ordinary General Meeting held on the 13th of February 2020, the company commenced the process of divestment by appointing Messer Rand Merchant Bank as the Financial Advisers while Aluko & Oyebode acted as the Legal Advisers on the transaction.’’
‘’Upon completion of a bid process, Eustacia Limited (a member of the Verod Group) was selected as the preferred bidder.”
It added, “The company along with the minority Shareholder entered into a sale and purchase agreement with Eustacia Limited to divest the entire issued ordinary share capital of AXA Mansard Pensions comprising of 60 per cent shareholding (2,067,672,000 shares) held by AXA Mansard Insurance Plc and 40 per cent shareholding (1,378,448,000 shares) held by the minority shareholder.’’
The insurance firm noted that the divestment received letters of no objection from the National Insurance Commission, National Pension Commission and the Federal Competition and Consumer Protection Commission.
The completion of the divestment is subject to the receipt of the final approval of the National Pension Commission.
In his reaction, the CEO of AXA Mansard Insurance Plc, Kunle Ahmed, said that the transaction marked a new step in the firm’s broader strategy to focus on and grow their life, property and casualty and health businesses across all its geographies.
