Nigeria's VFD Group sells stake in NEM Insurance.
Global Banking News-January 14, 2019--Nigeria's VFD Group sells stake in NEM Insurance
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Global Banking News - 14 January 2019
Nigeria-based VFD Group has said that it has sold its stake in NEM Insurance.
The firm said that the sale occurred in conjunction with other of its key stakeholders.
VFD Group said in a statement, 'A combined block of 1.6 billion ordinary shares of NEM Insurance Plc, representing about 30 percent 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.'
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