FBN Insurance will launch a bid next week to buy out the 28.8 percent minority stake in Oasis Insurance that it does not already own, in a deal valued at 1.03 billion naira ($6.34 mln).
FBN Insurance, jointly owned byNigeria’s FBN Holdings (65 %) and South Africa’s Sanlam (35%), acquired a 71.2 percent stake in the motor and fire insurer in February.
It will offer 0.55 naira per share to buy the remaining 1.87 billion shares, the company said on Thursday.
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