FMDQ Group is set to pay up an estimated N20billion for the acquisition of a 21.6 percent stake in Central Securities Clearing System Plc.
Reports suggest the Financial Markets Dealers Quotations Group (FMDQ) will purchase shares from Artemis Limited and Leadway Insurance.
FMDQ is one of Africa’s leading financial market infrastructure groups with ownership in a plethora of companies providing diverse services. Concurrently, CSCS is a leading clearinghouse for capital market operations in Africa’s largest economy.
In percentage ratio Artemis Limited a Vehicle company located in AYLESFORD, United Kingdom own 5 percent stake in Central Securities Clearing System plc, while Leadway owns 16.6 percent.
The proposed acquisition by the FMDQ Group of a combined value of over 1 billion units of shares from Leadway and Artemis will attach a premium fee of 20%-30%.
The CSCS plc has an approximate outstanding share value of 5 billion, with a single share trading at N17 at the National Association of Securities Dealers (NASD). The transaction of this magnitude will positively affect the share price of CSCS.
The transaction is still subject to the approval of the Security and Exchange Commission (SEC) and the Federal Competition and Consumer Protection Commission (FCCPC).