FBN Holdings to sell FBNQuest to EverQuest

FBN Holdings Plc plans to sell its 100 percent equity stake in its subsidiary, FBNQuest Merchant Bank Limited, to EverQuest Acquisition LLP.

In a recent report, the company announced the sale aligns with its goal to optimise its portfolio.

“In accordance with the Nigerian Exchange Limited (NGX) Rulebook, we hereby notify the Nigerian Exchange Limited (NGX) and the investing public that FBN Holdings Plc (‘the Company’) has entered into a Share Sale and Purchase Agreement to divest its 100 percent equity stake in its wholly owned subsidiary,” it stated.

This announcement, made on Friday, September 7, 2024, by FBN Holdings Plc and signed by its acting Company Secretary, Adewale Arogundade, is subject to approval from regulatory bodies.

“Following a competitive bid process, EverQuest Acquisition LP (comprising Custodian Investments PLC, Aoin Investments and Evercorp Industries) was selected as the preferred bidder,” the report said.

“The completion of the sale is subject to approvals from the relevant regulatory authorities,” it said.