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Centum Exits Buyout Deal With Access Bank

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Centum Investment Company PLC has abandoned a buyout deal with Nigerian lender Access Bank.

In a statement on Thursday, January 12, 2022, Centum CEO James Mworia said that the company was forced to abandon the deal after the expiry of the agreed “long stop date”.

Through a notice issued on June 7, 2022, Centum announced that it had entered into a share purchase agreement to sell all of its shareholding in Sidian Bank Limited to Access Bank. Centum holds 83.4% of the issued shares of Sidian, in its own name and also through its wholly owned subsidiary, Bakki Holdco Limited.

The completion of the acquisition of shares in Sidian by Access Bank was subject to various conditions, which were to have been fulfilled on or before December 5, 2022, or such further date as the parties may agree (the “long stop date”). The parties later extended the long stop date to January 9, 2023.

“Centum hereby issues notice that by reason of the long stop date having been reached and the conditions to the SPA not all having been fulfilled and/or waived by the parties, the share purchase agreement has terminated and ceased to have force and effect,” Mworia said.

“The shareholders of Centum and the investing public are hereby notified that Centum will continue as a shareholder in Sidian following this termination of the share purchase agreement.”

Read: Centum Real Estate Fortunes Continue To Dwindle

>>> John Kimani: Who is the Billionaire Snapping Up Centum Stocks?

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BT Reporter
BT Reporterhttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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