AIICO Insurance Plc hereby notifies the Nigerian Stock Exchange that AIICO has entered into discussions with FCMB Pensions Limited, for the sale of 70% stake in its Pension Management subsidiary, AIICO Pensions Managers Limited to FCMB Pensions Limited.
The proposed sale is AIICO’s stake of 70% and other shareholders stakes of 26% thus bringing the cumulative sale of 96% stake to be purchased by FCMB Pensions.
At the conclusion of the proposed sale, AIICO Pensions shall cease to be a subsidiary of AIICO Insurance Plc.
The proposed transaction is subject to the approvals of the National Pension Commission and the Federal Competition and Consumer Protection Commission.
AIICO Insurance Plc shall notify the Nigerian Stock Exchange (“NSE”) once the relevant approvals for the transaction is received.