First Holdco Completes Sale of FBNQuest Merchant Bank
Financial services company First Holdco Plc has completed the divestment of merchant bank business FBNQuest Limited, according to an official statement.
The financial services group said in a disclosure on the Nigerian Exchange that, in line with Rulebook, it has successfully completed the full divestment of its 100% ownership in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.
The group added that this transaction has been finalised after obtaining all necessary regulatory approvals from the Central Bank of Nigeria. In all its corporate disclosure as regards the transaction, First Holdco did not disclose the amount.
Most of the analysts that spoke with MarketForces Africa said the new capital requirement by the Central Bank of Nigeria (CBN) influenced the group decision to divest interest in its merchant banking business.
Market value of First Holdco’s 41.977 billion outstanding shares hovered at N1.3 trillion on the Nigerian Exchange following a slight week-on-week positive price movement. Ellah Lakes Rallies on Positive Investors Sentiment
