Kenya’s Centum Investment Co. Plc said it had ended a pact with Nigeria’s Access Bank to sell its 83.4% shareholding in Kenya’s Sidian Bank, as the timeframe for completion of the transaction had lapsed.

In June, Centum announced plans to sell the stake to Access Bank, a subsidiary of Access Holdings, subject to regulatory approval in Kenya and Nigeria.

Centum said in a statement late on Thursday that the planned sale was to be guided by conditions set out in the share purchase (SPA) agreement that were meant to be met by a certain date, known as the ‘Long Stop Date’.

“Centum was not able to reach acceptable terms with Access Bank PLC for extension of the SPA and therefore opted not to pursue extension of the same,” Centum said.

Centum had said in November it had expected the sale to be completed in December.

Had the 4.3 billion shilling ($35 million) transaction proceeded, it would have been the second acquisition in Kenya for Access Bank, which acquired Transnational Bank, now called Access Bank Kenya, in 2020.

"Exciting news! TheNigeriaLawyer is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest legal insights!" Click here! ....................................................................................................................... Unauthorized use and/or duplication of this material and other digital content on this website, in whole or in part, without express and written permission from TheNigeriaLawyer, is strictly prohibited _________________________________________________________________ [Register Now] ILA Nigeria Branch Marks 10 Years With Infrastructure Financing As Theme For 7th Annual Conference The International Law Association - Nigeria Branch 7th annual conference on public-private partnerships for sustainable infrastructure financing, April 4-5 in Abuja. Details: https://ilanigeria.org.ng/conference _________________________________________________________________

NIALS' Compendia Series: Your One-Stop Solution For Navigating Nigerian Laws (2004-2023)

Email: info@nials.edu.ng, tugomak@yahoo.co.uk, Contact: For Inquiry and information, kindly contact, NIALS Director of Marketing: +2348074128732, +2348100363602.