About 30 percent stake in NEM Insurance Plc, amounting to 1.6 billion ordinary shares of the Nigerian insurer, has been purchased by unnamed new investors.
The shares were sold by a key stakeholder in the company, VFD Group, which conducted the sale in collaboration with others.
It was disclosed that the transaction occurred at year end 2018, closing at a significant premium to the closing price on the floor of the Nigerian Stock Exchange (NSE).
According to a statement issued by the firm, “A combined block of one billion, six hundred million (1,600,000,000) ordinary shares of NEM Insurance Plc, representing about 30 percent of the latter’s issued share capital, was sold to new shareholders.
“The trade which happened at year end 2018 closed at a significant premium to the closing price on the floor of the Exchange.
Read more: Business Post