News Investigators/ The Securities and Exchange Commission (SEC), says it has granted a “no objection” to First HoldCo Plc’s N323.4 billion shares transaction.
The Commission in a statement signed by Efe Ebelo, the Head External Relations of SEC, said the decision was taken about the transaction after due consideration and in full compliance with applicable requirements.
Mrs Ebelo said in Abuja on Thursday, that there were no subsequent requests for additional information from the Central Bank of Nigeria (CBN) following the conclusion of the transaction.
According to her, it is important to note that the Commission’s correspondence with the operators involved was not a query.
”Rather, it was an automated compliance mechanism designed to promote transparency and ensure proper conclusion of large transactions within the market.
”The SEC remains firmly committed to its mandate of regulating a fair, orderly, and efficient market; protecting investors; and fostering capital formation in Nigeria,” she said.
The News Agency of Nigeria (NAN) recalls that the transaction, executed on the Nigerian Exchange Limited (NGX) on July 16, involved 10.43 billion shares sold at N31 per share.
Barbican Capital Limited, Leadway Group, and their affiliates had sold approximately 10.43 billion ordinary shares in First HoldCo Plc in a single off-market block transaction at N31.00 per share, worth N323.4 billion.
Barbican Capital offloaded a total of 7,786,641,500 shares at N31.00 per share valued at N241.3 billion.
Leadway Assurance, sold 2,288,798,807 shares worth N70.8 billion at a price of N31.00 per share.
The buyer, according to First HoldCo Plc was RC Investment Management Limited, a separate and independent investment firm.
First HoldCo Plc had reiterated its commitment to transparency and regulatory compliance, assuring investors and the public of its dedication to open and timely communication.
“We remain guided by best practices in corporate governance and continue to prioritise accountability to our shareholders and stakeholders,” the company said.
NAN
