In a surprising turn of events, Aso Savings & Loans Plc has just refuted media speculations that Milost Global Inc. will invest some $250 million equity capital in its enterprise.
Using strongly-worded language, Aso Savings stated in a press release that it never entered into a partnership with Milost, nor issued a notice to the Nigerian Stock Exchange regarding such partnership, as reported by the Nigerian media.
We dismiss this claim and wish to state that ASO had at no time issued any notice to Nigerian Stock Exchange (NSE) as purported in the media. ASO Savings & Loans Plc has not entered into any agreement with Milost Global Inc. Members of the public are implored to disregard the false news that has pervaded the media.
Any change to ASO’s business structure or operations will be duly communicated by the Bank through the appropriate channels. ASO will continue to strive to be the Mortgage Bank of choice and explore innovative ways to meet the housing needs in Nigeria.
It should be recalled that Milost Global Inc. has in recent weeks garnered a rather bad reputation for itself in the Nigerian market. Several controversies have trailed its proposed deals with companies such as Japaul Oil, Resort Savings and most recently Unity Bank.
Why did it take Aso Savings so long to speak up?
It is important to note that our investigations show that there is no record of any form of notice sent to the Nigerian Stock Exchange about an impending partnership between Aso Savings and Milost. But that notwithstanding, it is interesting that the Nigerian company would take so long to refute such a claim. Does it mean that such a deal was actually in the works after all but fell apart eventually?
Aso Savings & Loans Plc is an Abuja-based investment company which was originally incorporated in 1995 as a publicly-held company. In 2005, it became a public company and has since then made considerable progress in the mortgage sector of the economy. The company is currently in the process of delisting from the Nigerian Stock Exchange (NSE).
