By First HoldCo Plc has successfully completed the full divestment of its 100% ownership in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.
A statement from the company quoting disclosure from the Nigerian Exchange said that the transaction was finalized after obtaining all necessary regulatory approvals from the Central Bank of Nigeria.
Market analysts said the new capital requirement by the Central Bank of Nigeria (CBN) influenced the group decision to divest interest in its merchant banking business.
Market value of First Holdco’s 41.977 billion outstanding shares hovered at N1.3 trillion on the Nigerian Exchange following a slight week-on-week positive price movement.
