FCMB Pensions Limited, a subsidiary of FCMB Group Pc, has announced the acquisition of a 60% stake in AIICO Pension Managers Limited (‘’AIICO Pensions’’).
This is according to a notice issued by the FCMB Group and made available on the website of the Nigerian Exchange Group Limited (NGX).
The investment company made the acquisition through its pension management subsidiary, FCMB Pensions Limited, but it hit a stumbling block with the amount of shares it proposed.
FCMB initially planned to acquire 96.3% stake as stated in its notification to the investing public and Nigerian Exchange Limited on June 25, 2020.
The stake was cut by regulators, enabling FCMB Pension to only acquire 60% stake in AIICO Pension Managers Limited in order to comply with the approved transaction structure.
The breakdown of the stake showed that 33.9% stake held by AIICO Insurance Plc and 26.1% owned by other shareholders in AIICO Pensions were purchased.
It added that the plan is to combine the businesses of FCMB Pensions – which has assets under management (AUM) worth N325 billion as at March 2020 – and AIICO Pensions, which has an AUM estimated at N126 billion.