The Asset Management Corporation of Nigeria (AMCON) has announced the successful completion of the sale of the entire issued and fully paid up ordinary shares of Enterprise Bank Limited to HBCL Investment Services Limited (HISL) for a consideration of N56.1 billion.
According to a statement signed by Kayode Lambo, head, corporate communications strategy & research, the transaction was structured as a broad public auction process, which attracted interest from multiple domestic and international bidders, with HISL emerging as the preferred bidder.
READ ALSO: Access Bank ges CBN approval to restructure into Holdco
The statement said the completion of the transaction follows from the fulfillment of the terms and conditions stated in the share purchase agreement (SPA) executed between AMCON and HISL. It said the transaction has been approved by the board of directors of AMCON and relevant regulatory approvals have been obtained from the Central Bank of Nigeria (CBN) and the Securities & Exchange Commission (SEC).
“In line with AMCON’s strategic objectives, this transaction marks the divestment of the first of three banks that were acquired by AMCON in August 2011 and represents a landmark transaction in the Nigerian banking sector”, the corporation said.
