AXA mansard ready to divest pension, real estate businesses
Amid recapitalisation effort of the insurance sector, AXA Mansard Plc has taken move to divest its pension and real estate business lines.
The management notifies the Nigerian Stock Exchange (NSE) this week about its decision.
The insurance company, as part of its growth strategy, seeks to divest non-core competences to remain focus on insurance business.
Meanwhile, AXA Mansard market cap closed the week at N21 billion on 10.5 billion shares outstanding.
The stock traded at N2 to a share with a marginal year to date return of 1.01%.
The company said this in a document submitted to NSE as per its Extra Ordinary General Meeting of AXA Mansard, held in Lagos.
The management said all resolutions contained in the notice of the Extra Ordinary General Meeting were presented to the Shareholders.
“Subject to regulatory approval; the Directors were to divest from the following investment assets in furtherance of the objectives of the Company, AXA Mansard Pensions Limited and Real Estate Investment(s)”, the notice reads.
However, the resolution is however subject to regulatory approval.
It said the Directors were authorized to appoint such advisers, professionals and parties that they deem necessary, upon such terms and conditions that the Directors may deem appropriate with regard to the divestment.
Also, the EGM empowered the Board of Directors to take all steps and do all acts that they deem necessary for the successful implementation of the resolutions.
More so, recapitalisation of insurance sector is expected to come to a close by the year end 2020.
AXA mansard ready to divest pension, real estate businesses By Ogochi Ndubuisi
