First City Merchant Bank Group and American International Insurance Company have notified the Nigerian Stock Exchange and the investing public of discussions for sale of 96 per cent stake of AIICO Pensions Managers to FCMB Pensions.
This was disclosed in separate statements by FCMB Group and AIICO Insurance on Friday.
FCMB in a statement signed by the Chief Financial Officer, Mr. Kayode Adewuyi, and the Group Chief Executive Officer, Mr. Ladi Balogun, disclosed that the proposed acquisition would make AIICO Pensions an indirect subsidiary of FCMB Group.
They said both organisations had entered into discussions with shareholders of AIICO Pension Managers to acquire the 70 per cent stake held by AIICO Insurance and 26 per cent held by some other shareholders in AIICO Pensions.
According to the statement, the proposed transaction is subject to the approval of the National Pension Commission and the Federal Competition and Consumer Protection Commission.
“We shall notify the NSE and the investing public once the relevant approvals for the transaction are received,” it said.
In the same vein, the Company Secretary of AIICO, Donald Kanu, stated that at the conclusion of the proposed sale, AIICO Pensions would cease to be a subsidiary of AIICO Insurance Plc.
“The proposed sale is AIICO’s stake of 70 per cent and other shareholders’ stakes of 26 per cent, thus bringing the cumulative sale of 96 per cent stake to be purchased by FCMB Pensions,” Kanu said.
He said the company would notify NSE once the relevant approvals for the transaction were received.