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FMDQ has acquired 1 billion shares of CSCS Nairametrics can confirm.
The trades were consummated at a share price of N18 per share and traded on the NASD.
The deal has been two years in making since it was first announced two years ago.
Nairametrics had reported that the FMDQ Group will buyout shares owned by Leadway Insurance and from Artemis Ltd a vehicle owned by Verod Capital.
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The two entities own 16.6% and 5% respectively delivering a combined 21.6% ownership of CSCS. However, the deal hit the rocks as shareholders of CSCS had disagreements over the sale.
Sources indicate the matter has now been resolved thus allowing the sale to go through.
In a press release by CSCS, the deal was completed on June 30th 2023 on the NASD OTC.
FMDQ purchased shares of Artemis Limited which previously held a 16.61% equity stake (830,641,902 units) and Leadway Insurance which had a 5% stake (250,000,000 units).
As a result, FMDQ is now a shareholder with a 21.6% equity stake (1,080,641,902 units) in CSCS.
See excerpts of their press release.
- “On Friday 30 June 2023, there was a significant trade of shares of Central Securities Clearing System Plc (‘CSCS’ or ‘our Company’) on the NASD OTC Plc. Two major shareholders of CSCS, Artemis Limited and ZPC Leadway Insurance Prem. Coll & Invest, who previously held 16.61% (830,641,902 units) and 5% (250,000,000 units) shareholding respectively, sold their shares to FMDQ OTC Plc (‘FMDQ’). As a result, FMDQ is now a shareholder with a 21.6% equity stake in CSCS.
- CSCS serves as the central securities depository and clearing infrastructure for the Nigerian capital markets. Our company plays an intrinsic role in ensuring the integrity and safety of transactions conducted in the Nigerian capital market.
- CSCS expresses gratitude to its shareholders and stakeholders for their sustained interest in the company. We affirm our dedication to working towards achieving our strategic objectives of being the globally respected and leading central securities depository in Africa.”
Whatever happens to NGX right of first.refusal.. The nations.capital.marlet will not grow if we continue to play double standard with rules.. Why would SEC prevent NGX from acquiring the shares.. In the same sense, grant the NGX permission to list corporate bonds, trade forex and undertake.privste bond noting as presently being done in FMDQ . Allow FMDQ manage is own depository. SEC is deliberately frustrating NGX. It is unfair practice
NGX should be given them power to list commercial papers. SEC is an albatross to market development because of vested interest and corruption