Centum Investment Company PLC has abandoned a buyout deal with Nigerian lender Access Bank.
In a statement on Thursday, January 12, 2022, the investment company CEO James Mworia said that the company was forced to abandon the deal after the agreed “long stop date” expired”.
The investment company announced on June 7, 2022, that it had entered into a share purchase agreement with Access Bank to sell its shareholding in Sidian Bank Limited. Centum owns 83.4% of Sidian’s issued shares directly and through its wholly-owned subsidiary, Bakki Holdco Limited.
The completion of Access Bank’s acquisition of Sidian shares was subject to various conditions, which were to be met on or before December 5, 2022, or such a later date as the parties may agree (the “long stop date”). The parties later agreed to extend the long-term halt date to January 9, 2023.
“The company 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. 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,” Mworia said.
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