On 04 September 2020, the Court Ordered Meeting (“COM”) of shareholders of Allianz Nigeria held to consider the Scheme of Arrangement (“Scheme”) to acquire all ordinary shares not held by the core shareholder, Société Fonciere Europeenne B.V. At the COM, Thirty-two (32) shareholders, representing, a total of 18,472,100 shares voted in favour of the resolution. This represented 100% of the value of shares held by shareholders present and voting in person or by proxy.
The company will be approaching the Securities and Exchange Commission (“SEC”) for its final approval. Following the grant of the final approval by the SEC, a copy of the results will also be submitted to the Federal High Court to enable it sanction the Scheme, and have it registered with the Corporate Affairs Commission. This will make the Scheme effective.