Nexamont Acquires 21.4% Stake In Royal Exchange

A firm, Nexamont Company Limited, has acquired a 21.4 per cent equity stake in Royal Exchange Plc.
In a corporate disclosure from the company secretary, OOT Nominees, which was filed on the Nigerian Exchange Limited, Nexamont, had acquired the stakes via the second market.

According to its half-year report, Nexamont held a 19.08 per cent stake in the company from 1,577,399,535 units of Royal Exchange.

The company secretary said, “Royal Exchange Plc received a letter from Nova Finance Securities Limited, the Financial Advisers to Nexamont Company Limited, notifying the Company that Nexamont has acquired 1,770,499,535 units of ordinary shares of Royal Exchange Plc through the secondary market.

“This represents at least a 21.4 per cent equity stake in the company. Pursuant to Rule 17.13 (a), Part II of the Rulebook of Nigerian Exchange Limited, the company wishes to inform the Exchange, its shareholders and the investing public that Nexamont Company Limited is now a beneficial owner of 1,770,499,535 ordinary shares in Royal Exchange Plc.”

Royal Exchange’s half-year report indicated that it is associated with Royal Exchange General Company Limited, now REX Insurance; Royal Exchange Micro Limited; and Royal Exchange Healthcare Limited, now known as DotHMO.

Royal Exchange began operations in Nigeria in 1918, making it one of the oldest insurance companies in the country.