Breaking: FMDQ acquires 2 billion shares of CSCS

FMDQ has acquired about 2 billion shares of CSCS,CN can confirm. 

CityNews Nigeria reports that 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 has reported that the FMDQ Group will buyout shares owned by Leadway Insurance and from Artemis Ltd a vehicle owned by Verod Capital.

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.

This is a developing story…..