VFD Group sells stake in NEM In­sur­ance

The Punch - - CAPITAL MARKET - Fey­isayo Popoola

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.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.