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AXA Mansard Insurance Plc, a member of the AXA Group has announced a divestment from its subsidiary, AXA Mansard Pensions Limited.
According to the company, after obtaining shareholder’s approval at its Extra Ordinary General Meeting held on February 13th 2020, it started 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. The Company along with the minority shareholders 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 shareholders.
The underwriter noted that the divestment has received letters of No Objection from the National Insurance Commission (NAICOM), National Pension Commission (PenCom), and the Federal Competition and Consumer Protection Commission (FCCPC) and; the completion of the divestment is subject to the receipt of the final approval of the PenCom.
Commenting on this, the Chief Executive Officer, AXA Mansard Insurance Plc, Kunle Ahmed, said: “This transaction marks a new step in AXA´s broader strategy to focus on and grow our life, Property and casualty (P&C) and health businesses across all its geographies.
“The AXA Group sees great potential in the Nigerian insurance market and believes AXA Mansard is ideally placed to capture these opportunities, thanks to its market leadership positions in health insurance, property and casualty and life Insurance. We plan to capitalise on our successes to further build our capabilities and continue to deliver the best offers and services to our customers”.
On his part, the Chief Executive Officer, AXA Mansard Pensions Limited, Dapo Akisanya, said the firm is confident about Verod’s strong commitment to providing the company with the requisite support to actualise its promise to clients and stakeholders.
