Oasis insurance Plc (“Oasis Insurance” or “the Company”), would like to inform its shareholders of a significant change in the Company’s ownership structure. The erstwhile majority shareholders of the Company, Oasis Group Limited and MetroWest Investments Limited (“the Sellers”) have sold to FBN Life Assurance Limited, a subsidiary of FBN Holdings Plc, a total of 4,630,595,326 ordinary shares of 50kobo each representing 71.2% of the total issued ordinary share capital of Oasis Insurance.
The acquisition was effected through the execution of a share sale and purchase agreement between the parties following receipt of the requisite regulatory approvals from the National Insurance Commission, Securities & Exchange Commission and The Nigerian Stock Exchange. Following this majority acquisition, FBN Life is required to make a mandatory take-over bid to the remaining shareholders of Oasis insurance in line with Section 131 of the Investment and Securities Act and Rule 445 of the Securities and Exchange Commission’s Rules and Regulations.
As a result of this transaction Oasis Insurance becomes a subsidiary of FBN Life, and a member of FBN Holdings Plc. We intend to leverage on this affiliation with FBN Holdings Plc to expand our coverage of the Nigerian general insurance market by offering our insurance products through First Bank Limited’s branch network. More importantly, the acquisition allows Oasis Insurance and FBN Life to leverage their relative strengths, thereby creating synergies for the benefit for their respective stakeholders.