United Capital Plc,\u00a0has completed the sale of its [50]% holding in\u00a0United Metropolitan Life, a joint venture established in [2005],\u00a0to its JV partner [Metropolitan International Holdings].\u00a0The purchase consideration for the shares in United Metropolitan Life amounts to [N3.25 billion] and the transaction closed on [10 May, 2016]. The\u00a0all-cash\u00a0transaction\u00a0is expected to lead to a capital gain,\u00a0in accounting terms,\u00a0of N1.5 billion.<\/p>\n
Commenting on the sale, Group CEO, Oluwatoyin Sanni stated, \u201cThis marks the conclusion of a very successful investment.\u00a0Our objective\u00a0is always to maximize shareholder return\u00a0and we look forward to\u00a0redeploying\u00a0the capital in further ventures. We remain\u00a0strongly\u00a0convinced of the opportunities in the Nigerian financial services sector.\u00a0<\/em><\/p>\n I would also like to take the opportunity to thank\u00a0Metropolitan\u00a0Life, who have been an\u00a0excellent\u00a0joint venture partner\u00a0and 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\u00a0established a pioneering insurance\u00a0business, which\u00a0has led in customer satisfaction and product innovation.\u201d<\/em><\/p>\n