Access Holdings says it will not continue with its proposed acquisition of a controlling stake in Sidian Bank Limited, headquartered in Kenya. The financial institution made this known on Thursday
Bunmi AdulojuAccess Holdings says it will not continue with its proposed acquisition of a controlling stake in Sidian Bank Limited, headquartered in Kenya.
The financial institution made this known on Thursday in a corporate filing signed by Sunday Ekwochi, its company secretary.an agreement to acquire the entire 83.4 percent equity stake held by Centum Investment Plc, a Kenyan-based investment company, in Sidian Bank Ltd, for the sum of about N15 billion .
The completion of the deal was subject to either meeting some prerequisites or waiving them ahead of the ‘long stop date’, the bank said.However, Access Holdings said the transaction was terminated after failing to meet certain conditions and the parties were unable to reach an agreement to complete the transaction.certain conditions before the long stop date as defined in the transaction agreement,” the document reads.
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