AXA Mansard Insurance Plc, a member of the AXA Group, says it has divested from its subsidiary, AXA Mansard Pensions Limited.
The company said this on Thursday in a statement entitled ‘AXA Mansard announces divestments from AXA Mansard Pensions Limited.’
After obtaining the shareholder’s approval at the company’s extraordinary general meeting in February, the company said it commenced the process of divestment by appointing Rand Merchant Bank as the financial advisers, while Aluko & Oyebode acted as the legal advisers on the transaction.
It stated, “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 shareholder 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 shareholder.”
It added that the divestment had received letters of ‘No objection’ from the National Insurance Commission, National Pension Commission, and the Federal Competition and Consumer Protection Commission.
The completion of the divestment was subject to the receipt of the final approval of PenCom, it stated.