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Nigeria: ARM Buys 41% Equity Stakes In Crystalife Assurance Plc

Asset & Resource Management Company Limited (ARM) has become a major shareholder of Crystalife Assurance Plc.

This followed the successful acquisition by ARM of Skye Bank 31.11% and Skye Financial Services 10.37% equity stake in CRYSTALIFE ASSURANCE PLC for a cash purchase consideration of the sum of One Billion, Eight Hundred and Ninety Six Million Naira (N 1, 896,000,000) at a per share price of N 0.79. The transaction involved Skye Bank Plc’s 1,800,000,000 Ordinary  Shares of 50 Kobo each and Skye Bank Financial Services Services Limited’s 600,000,000 Ordinary  Shares of 50 kobo each in CRYSTALIFE ASSURANCE PLC.

Crystalife Assurance Plc is a Life Specialist company with experience spanning over two decades. Crystalife, formerly Equity Life Insurance Company Limited, was incorporated on 3rd October 1991. Other shareholders of the company are: Equity Insurance, International Energy Insurance, Platinum Capital and Cashcraft Asset Management.

Asset & Resource Management Company Ltd (“ARM”) was established in 1994, and has evolved into one of the most respected financial services brands in Nigeria. The company is a diversified and integrated, non-bank financial services institution with over 15 years of investment management expertise. The company’s business comprises non-pension asset management, pension fund administration, trust services, real estate management and development, infrastructure finance and development, investment banking and financial advisory services.

The group’s subsidiaries include: ARM Properties Plc, Four Points By Sheraton,ARM Securities Company, ARM Pensions, ARM Trustees Limited and Briscoe Properties Limited.

Source: SEC

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