First HoldCo completes 100% divestment from FBNQuest Merchant Bank
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The sale marks a strategic shift for First HoldCo as it continues to streamline operations and refocus its portfolio. Although financial details of the deal were not disclosed, the company said the announcement was made in compliance with NGX listing requirements.
By Kazeem Ugbodaga
First HoldCo Plc has completed the sale of its entire stake in FBNQuest Merchant Bank Limited, bringing a significant restructuring move within the group to a close.
In a notice filed with the Nigerian Exchange Limited (NGX), the company confirmed that it had finalised the divestment of its 100 per cent ownership in the merchant banking subsidiary to EverQuest Acquisition LLP.
The transaction, according to the statement, received all mandatory regulatory approvals, including that of the Central Bank of Nigeria (CBN), before being concluded.
The sale marks a strategic shift for First HoldCo as it continues to streamline operations and refocus its portfolio. Although financial details of the deal were not disclosed, the company said the announcement was made in compliance with NGX listing requirements.
The notification was signed by the Group Company Secretary, Abiola Baruwa, who affirmed that all conditions for completion had been met.
With this divestment now sealed, EverQuest Acquisition LLP assumes full control of FBNQuest Merchant Bank Limited.
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