Wednesday, July 07, 2021 / 11:55 AM / NGX /
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FCMB Group Plc (Bloomberg: FCMB) hereby notifies the Nigerian Exchange Limited ("NGX") that its pension management subsidiary, FCMB Pensions Limited ("FCMB Pensions") has received relevant regulatory approvals and concluded the acquisition of a 60% stake in AIICO Pension Managers Limited ("AIICO Pensions"). This is made up of 33.9% stake held by AIICO Insurance Plc and 26.1% stake held by other shareholders in AIICO Pensions. The acquisition makes AIICO Pensions an indirect subsidiary of FCMB Group Plc.
The acquired stake was reduced from the initial 96.3% stake in our notification to the NGX on 25 June 2020 to comply with the transaction structure approved by regulators. The goal is to combine the businesses of FCMB Pensions and AIICO Pensions to build a stronger and more resilient business.
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