Stanbic IBTC Pension Minority Shareholder to sell its entire Holdings
We have received reports that the only minority shareholder of Stanbic IBTC Pension Managers Limited is likely to sell its entire shareholding of 117,647,058 shares despite earning a whopping N3.1 billion in dividends on the shares for Full Year 2022.
Stanbic IBTC Pension Managers Limited is a joint venture between Stanbic IBTC Holdings PLC which holds 882,352,942 shares 88.24% and Linkage Assurance PLC which holds 117,647,058 shares 11.76%. Stanbic IBTC Holdings PLC is the majority shareholder while Linkage Assurance PLC is the minority shareholder.
Linkage Assurance PLC in its Annual Report for the year ended 31 December 2022 said that the Company values the 117,647,058 shares it holds in Stanbic IBTC Pension Managers Limited (SIPML) at N14.68 billion (valued at N17.6 billion in 2021) and it earned N3.1 billion in dividends from it in FY 2022 alone. Linkage Assurance PLC further disclosed that the major driver of its investment income is the dividend income of N3.1billion it received from Stanbic IBTC Pension Managers Ltd. Linkage Assurance PLC also disclosed that the unquoted equity instrument in SIPML is classified as available for sale and measured at fair value through other comprehensive income.
It is not certain why Linkage Assurance PLC would want to sell its shares in SIPML but, if this eventually happens, it is necessary to note that this is not the first time that a minority shareholder will be selling its entire shares in SIPML.
PensionNigeria notes that, prior to 2016, SIPML was owned by Stanbic IBTC Holdings PLC 70.59%, Access Bank PLC 17.65% and Linkage Assurance PLC 11.76%. In December 2016, Access Bank Plc disposed its entire shareholding of 176,470,588 shares to Stanbic IBTC Holdings PLC in accordance with the pre-emptive rights as laid out in the Company’s Memorandum and Article of Association.
If Linkage Assurance PLC sells its holding in SIPML, it is very likely that it will be sold to Stanbic IBTC Holdings PLC considering the pre-emptive rights as laid out in the Company’s Memorandum and Article of Association which applied to sale of Access Bank Plc in SIPML. This will make Stanbic IBTC Holdings PLC the sole shareholder of SIPML with 100% shareholding.
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