Tuesday, June 02, 2020 / 11:18 AM
/ NSE / Header Image Credit: FBN Holdings
The Boards of Directors of FBN Holdings Plc (â€œFBNHâ€) and Sanlam Emerging Markets (Proprietary) Limited (Sanlam) wish to announce the completion of the sale and transfer of FBNH's 65% shareholding in FBN Insurance Limited to Sanlam.
This effectively confers full ownership of FBN Insurance Limited (Life) and its subsidiary, FBN General Insurance Limited on Sanlam forthwith, following receipt of all relevant regulatory approvals.
Both organisations had activated the Shareholders Agreement which provided pre-emptive rights to Sanlam.
Accordingly, and as had been indicated in the Share Purchase Agreement, the effective date of the divestment is June 01, 2020.
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