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African Alliance Insurance Plc in its just-concluded Annual General Meeting (AGM) ratified her decision to transfer ownership of the company’s shares in Pensions Alliance Limited (PAL) to Conau Trade and Investment Co. Limited.
The shares, which are exactly 539 million units, representing 49% of PAL's total equity portfolio, are to be sold to Conau Trade and Investment Co. Limited for N16.6 billion.
However, the board also provided an opportunity for the company to buy back its controlling equity portfolio in PAL for N18.6 billion from Conau Trade and Investment Co. Limited in the future.
African Alliance Insurance Plc, which is the most experienced and strongest specialist life assurance office in Nigeria, considers this a strategic move to shed excess weight and use proceeds from the sale to reposition African Alliance Insurance PLC.
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