Monday, January 14, 2019 02:05 PM / by Feyisayo Popoola of Punch Newspapers
VFD Group says it has sold its stake in NEM Insurance Plc.
The firm, in a statement on Friday, said its stake in NEM Insurance was sold in an agreed trade.
It said the sale occurred in conjunction with other key stakeholders of the insurance company.
VFD Group said, “A combined block of 1.6 billion ordinary shares of NEM Insurance Plc, representing about 30 per cent of the latter’s issued share capital, was sold to new shareholders.
“The trade, which happened at year end 2018, closed at a significant premium to the closing price on the floor of the Exchange.
“We have had extensive discussions with the management and board of NEM Insurance Plc in the last couple of months over our interest in working with the team to unlock the latent value we see in them. However, as we could not agree on the modalities for working together in pursuing this vision, we recently reached an amicable understanding and have thus decided to exit our investment in this great company.”
The firm said it wished the management and board of NEM Insurance well in their visionary leadership, given its huge potential.