First HoldCo Plc Completes Sale Of FBNQuest Merchant Bank To EverQuest Acquisition LLP
By R. Olushola Okunlade
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 Limited (NGX) 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.
In its statement signed by the Group Company Secretary First HoldCo Plc, Abiola Baruwa stated that the transaction has been fully concluded following the receipt of all requisite regulatory approvals from the Central Bank of Nigeria (CBN) firstholdcohelpdesk@first-
