United Capital Plc, has completed the sale of its [50]% holding in United Metropolitan Life, a joint venture established in [2005], to its JV partner [Metropolitan International Holdings]. The purchase consideration for the shares in United Metropolitan Life amounts to [N3.25 billion] and the transaction closed on [10 May, 2016]. The all-cash transaction is expected to lead to a capital gain, in accounting terms, of N1.5 billion.
Commenting on the sale, Group CEO, Oluwatoyin Sanni stated, “This marks the conclusion of a very successful investment. Our objective is always to maximize shareholder return and we look forward to redeploying the capital in further ventures. We remain strongly convinced of the opportunities in the Nigerian financial services sector.
I would also like to take the opportunity to thank Metropolitan Life, who have been an excellent joint venture partner and wish them well in the future. This partnership has led the way in South African and Nigerian businesses working together for the benefits of Africans. Through this partnership, we established a pioneering insurance business, which has led in customer satisfaction and product innovation.”
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