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Home Companies Corporate deals

Deal: CBN Grants Aso Savings & Loans Approval To Acquire Union Homes Savings & Loans Plc

Nairametrics by Nairametrics
March 18, 2014
in Corporate deals, Politics
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Aso Savings & Loans Plc has notified The Nigerian Stock Exchange of its intention to acquire Union Homes Savings & Loans (UHSL) Plc.  s (CBN) approved restructuring exercise, Union Bank of Nigeria Plc decided to sell UHSL Plc.

After a bidding process, Aso Savings was selected as the preferred bidder in October, 2013.  Towards achieving this objective, Aso Savings proceeded to execute a Memorandum of Understanding (MOU) with UBN Plc under the supervision of the CBN.
The Board of ASO has also approved the bank to implement a Transaction Implementation Agreement (“TIA”) amongst ASO, Union Homes Investment Nigeria Limited (“UHNL”), UHSL and UBN Plc. the TIA was executed and submitted to CBN on December 31, 2013. UHNL is the Special Purpose Vehicle through which ASO will acquire the UBN divestment shares and recapitalised UHSL.
Subsequent to the execution of the TIA, the CBN has issued a ‘No Objection Letter’ permitting ASO to proceed with the transaction. This is required to enable ASO proceed with the signing of a Share Purchase Agreement (“SPA”) between ASO and UBN Plc.

Tags: News ReviewUnion Bank
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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Comments 1

  1. Rawa Akinlabi says:
    June 9, 2015 at 2:00 pm

    Please let the registrar send notification to all shareholders and let them know the ratio of the share construction .

    Reply

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