Royal Exchange Plc has confirmed that Nexamont Company Ltd. has acquired a significant 21.4% equity stake in the insurance and financial services group.
In a corporate disclosure filed with the Nigerian Exchange Ltd. (NGX), the company announced that Nexamont purchased 1.77 billion ordinary shares through the secondary market.
The transaction was executed by Nova Finance Securities Ltd., which acted as the financial advisers to Nexamont.
The statement reads: “Royal Exchange Plc received a letter from Nova Finance Securities Ltd., the Financial Advisers to Nexamont Company Ltd., notifying the Company that Nexamont has acquired 1,770,499,535 units of ordinary shares of Royal Exchange Plc through the secondary market.
“This represents at least 21.4 per cent equity stake in the Company.
“Pursuant to Rule 17.13 (a), Part II of the Rulebook of Nigerian Exchange Ltd., the company wishes to inform the Exchange, its shareholders and the investing public that Nexamont Company Ltd., is now a beneficial owner of 1,770,499,535 ordinary shares in Royal Exchange Plc.
“The general public should please take note.”
With this acquisition, Nexamont becomes one of the largest shareholders in Royal Exchange Plc, a development that could shape the company’s strategic direction and market positioning in Nigeria’s insurance sector.
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