Centum Exits Sale Of Sidian Bank Shares To Access Bank PLC

 

Centum Managing Director and CEO James Mworia.

By Citizen Reporter

Centum Investment has put aside an earlier plan to sell its shares in Sidian Bank to Nigeria's Access Bank Plc.

Centum on Thursday sent a statement to its shareholders and investing public notifying them of the new developments. It said the sale was subject to some conditions which were supposed to be met by Access Bank Plc on or before December 5 last year.

"The shareholders of Centum and Investing public are hereby notified that Centum will continue as a shareholder in Sidian following the termination of share purchase agreement," said Centum Managing Director and CEO James Mworia.

Centum Investment Company Plc had announced that it had entered into a share purchase agreement to sell all of its shareholding in Sidian Bank Limited to Access Bank PLC through a notice issued on June 7, 2022.

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 PLC was subject to various conditions, which were to have been fulfilled on or before 5th December 2022 or such further date as the parties may agree (the “Long Stop Date”). The parties later extended the Long Stop Date to 9th January 2023.

Centum issued a 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.