By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Tuesday said it has delisted insurer, Oasis Insurance Plc from the Daily Official List (DOL), the NSE said in a notice.

This is coming on the heels of application from the insurer for voluntary delisting following a 100 percent acquisition of the company by FBN Insurance Ltd, a subsidiary of FBN Holdings Plc.

In February 2014, FBN Insurance announced it has concluded the takeover of Oasis Insurance having acquired 71.2 percent equity interest through a block divestment.

Similarly, in accordance with rules of the Securities & Exchange Commission (SEC), FBN Insurance made a mandatory takeover bid for the remaining 28.8 percent equity interest in Oasis Insurance.

The NSE affirmed that by the close of the takeover bid on 31 July 2014, FBN Insurance received a total of 1,289,493,953 ordinary shares bringing its shareholding in Oasis Insurance Plc to approximately 91.1%.

Also, FBN Insurance elected to exercise its rights under Section 146(2) of the Investments and Securities Act to compulsorily acquire shares belonging to the minority shareholders having crossed the 90 percent threshold.

‘’At the end of the 20-day statutory notice period FBN Insurance Limited increased its holdings by an additional 22,603,617 shares bringing its holdings in Oasis Insurance Plc to approximately 91.4 percent,’’ the NSE added.

As a result of these, FBN Insurance thereafter transferred the sum of N310, 649,730 to FBN Registrars (as consideration for the outstanding 560,808,895 shares or 8.6 percent) to keep in trust for shareholders who are yet to tender their share certificates.

‘’By this action, FBN Insurance Limited hold 100 percent equity interest in Oasis Insurance Plc,’’ the NSE affirmed.