Investor buys 75% stake in GNI
Great Nigeria Insurance (GNI) Plc has completed the sale of 75 per cent stake to Insurance Resourcery Consultancy Services Limited (IRCSL), which by this transaction becomes a major shareholder in the insurance company.
This marks the closure of the acquisition process which began five years ago, precisely, on 28th September, 2011.
A statement from the firm, signed by the Company Secretary, Abiola Mosuro, and made available to Business247 News Online today, said the acquisition was informed by the Central Bank of Nigeria (CBN’s) directive to banks to divest from non-banking subsidiaries at a time Wema Bank has a substantial stake in GNI Plc.
“On 28th September, 2011, IRCSL submitted an Expression of Interest (EoI) to Wema Asset Management Limited and on 28th December, 2011, emerged the winner of a competitive bid process with a bid value of N3,243, 793,860 which represents a per share value of N1.13( premium of 126 % to the market price of N0.50),” the statement added.
The transaction value, according to the firm, underscores the value of interest in GNI with attractive real estate portfolio and no debt on its balance sheet.
Reacting to this development, the Chief Executive Officer(CEO), GNI Plc, Mrs. Cecilia Osipitan, said the consummation of the transaction, which represents the conclusion of a transaction process that started in 2011, will enable the board and management of the firm focus on unlocking the the inherent value in the company with a view to delivering strong shareholders’ returns.
This, she added, will be delivered through consolidation of market share in identified niche markets, excellent customer service, prompt claims payment and aggressive investment income.
IRCSL is a Special Purpose Vehicle (SPV) set up to acquire 75% controlling interest in GNI. The firm is representing the interest of a consortium of investors.
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