FBN Holdings Plc on Tuesday defined the rationale behind the sale of it service provider banking enterprise to EverQuest Acquisition LLP.
The Holding firm additionally listed its different entities and companies not included within the sale.Adewale Arogundade, appearing firm secretary of the Holdings, made the clarification in a notification despatched to the Nigerian Alternate Ltd.(NGX) in Lagos.
A divestment entails an organization promoting off a full or partial stake of its belongings by means of sale, alternate, closure, or chapter, typically to enhance the corporate’s worth and procure increased effectivity.
Many firms use divestment to unload peripheral belongings, enabling their administration groups to regain sharper concentrate on the core enterprise.
The Information Company of Nigeria (NAN) reviews that FBN Holdings had, on Friday, knowledgeable the NGX of the sale of a 100 per cent fairness stake in its wholly-owned subsidiary, FBNQuest Service provider Financial institution Ltd., to EverQuest Acquisition LLP.It stated the sale and buy settlement, which aligns with its technique to optimise its portfolio inside the group, was topic to approvals from the related regulatory authorities.
Mr Arogundade stated that the divestment pertains solely to FBNQuest Service provider Financial institution and has no influence on the continued operations or strategic positioning of different subsidiaries inside the group.
READ ALSO: FBN Holdings sells service provider banking subsidiary FBN Quest
“We want to make clear that every one different entities and companies listed under aren’t included within the divestment they usually stay subsidiaries of FBN Holding and are properly built-in into the group’s strategic focus.
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“These entities are: FBNQuest Capital Ltd., FBNQuest Asset Administration Ltd., FBNQuest Trustees Ltd., FBNQuest Funds Ltd., and FBNQuest Securities Ltd.,” he stated.
(NAN)
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