The Asset Management Corporation of Nigeria has announced Skye Bank Plc
as the preferred bidder for Mainstreet Bank Limited.
The corporation also announced Cedar One Investment Partners Limited as
the first reserve bidder and Fidelity Bank Plc as the second reserve bidder for
the acquisition of the entire issued and fully paid up ordinary shares of
Mainstreet Bank.
The announcement confirmed an exclusive report by The PUNCH on September
25 that Skye Bank, Fidelity Bank and a Moroccan bank were among the seven
potential buyers shortlisted for the acquisition of Mainstreet Bank.
The announcement, according to a statement made available to our
correspondent on Saturday by the Head, Corporate Communications Strategy and
Research, AMCON, Kayode Lambo, follows the receipt of the approval of the Board
of Directors of the bad debt manager.
AMCON said in the statement, “The completion of the transaction is
subject to the fulfillment of the conditions precedent as stated in the Share
Sale and Purchase Agreement to be executed with Skye Bank Plc as well as the
receipt of all required regulatory approvals from the Central Bank of Nigeria
and the Securities and Exchange Commission.
“In the event that Skye Bank is unable to complete the transaction in
line with the payment terms and other provisions of the SPA, the SPA entered
into with Skye Bank would be terminated and Cedar would become the preferred
bidder.
“Further, in the event that Cedar is unable to complete the transaction
in line with the payment terms and other provisions of the SPA, Fidelity Bank
would become the preferred bidder.”
The process for the sale of Mainstreet Bank started with interest shown
by 25 parties cutting across local and international investors.
The emergence of Skye Bank, Cedar and Fidelity Bank as the preferred,
first and second reserve bidders, respectively, AMCON noted, resulted from a
rigorous and competitive bidding process
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