Directors of Commercial Bank of Africa (CBA) have announced that they have accepted the offer made by the NIC Bank to swap their shares in CBA in exchange for the issue to such shareholders of shares in NIC.
After the share exchange, shareholders of CBA will in aggregate own 53 percent of the then issued shares in NIC Group while the existing NIC Group shareholders will own 47 percent.
“The Directors confirm that as of March 11th, 2019, 29 out of 34 shareholders holding 98.15 percent of the issued and fully paid up share capital of CBA have accepted the offer made by NIC Group to swap their shares in CBA in exchange for the issue to such shareholders of shares in NIC Group,” read a statement from CBA.
Upon the conclusion of the transaction, it has been proposed that NIC Group acquires sole control of CBA and its subsidiaries.
“As customary for transactions of this nature, the merger of CBA and NIC Group will be completed upon fulfillment of a certain set of conditions precedent, including but not limited to exercise of caution when dealing with CBA securities,” said CBA.