One of the leading African investment banking and financial services firm, United Capital Plc, has completed the sale of its 50 per cent holding in United Metropolitan Life, a joint venture established in 2005, to its Joint Venture partner, Metropolitan International Holdings (Proprietary) Limited.
The purchase consideration for the shares in United Metropolitan Nigeria Life amounted to N3.25 billion and the transaction closed on 10 May, 2016. United Capital realised a capital gain of N1.5 billion from the transaction.
“This marks the conclusion of a very successful investment. Our objective is always to maximise shareholder return and we look forward to redeploying the capital in further ventures. We remain strongly convinced of the opportunities in the Nigerian financial services sector,”Group Chief Executive Officer, United Capital, Mrs. Oluwatoyin Sanni, commented.
“This partnership has led the way in South African and Nigerian businesses working together for the benefits of Africans. Through this partnership, we established a pioneering insurance business, which has led in customer satisfaction and product innovation,” she said.
Sanni stated that all requisite regulatory approvals have been obtained and the Nigerian Stock Exchange has since been notified of the divestment.
“United Capital Plc remains committed to achieving its goal of building Africa’s leading investment and financial services group and to continue delivering service excellence across all of its business units in pursuit of these strategic objectives,” Sanni assured.
