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HomeBusinessAccess Corporation discontinues plan acquisition of Kenyan lender Sidian Bank Ltd

Access Corporation discontinues plan acquisition of Kenyan lender Sidian Bank Ltd

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By Samuel Bankole

Access Holdings Plc on Thursday said it has discontinued its plans to acquire 83.4 percent stake in a Kenyan lender Sidian Bank Ltd following the inability of the parties to the deal to reach an agreement.

In a regulatory filing by the Holdco, operating under the trading name Access Corporation, it said that the completion of the proposed transaction was subject to fulfillment or waiver of certain conditions before the Long Stop date as defined in the transaction agreement.

The statement signed by the company secretary, Sunday Ekwochi noted that “certain conditions precedent needed to prudently complete the transaction have not been met and the parties were unable to reach agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.”

While notifying the Exchange and the investing public of the discontinuation of the deal, the Holdco stated that it remained committed to growing its franchise in a safe and sound manner in kenya and in the East African region.

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It said it will continue to explore a variety of organic and inorganic opportunities to grow its market share therein.

Details of the regulatory communication are below:

Access Holdings Plc trading as Access Corporation (‘the Corporation’) on June 8, 2022, announced that its flagship subsidiary, Access Bank Plc (‘the Bank’) has entered into a binding agreement with Kenyan-based Centum Investment Plc (“Centum’) for the acquisition of the entire 83.4% shareholding held by Centurn in Sidian Bank Ltd (Sidian”).

The completion of the proposed transaction was subject to fulfilment or waiver of certain conditions before the Long Stop date as defined in the transaction agreement. Although regulators have all been supportive in engagements around the transaction, certain conditions precedent needed to prudently complete the transaction have not been met and the parties were unable to reach agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.

Consequently, we hereby notify the Nigerian Exchange Ltd and the investing public that Sidian acquisition will no longer be completed by the Bank. The Bank however remains committed to growing its franchise in a safe and sound manner in Kenya and the broader East African Community and will continue to explore a variety of organic and inorganic opportunities to grow its market share therein.

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