UnityKapital Assurance Rebrands To Veritas Kapital Assurance

UnityKapital Assurance Plc has announced that it has changed its name to Veritas Kapital Assurance but there is no indication of mergers, acquisition or equity investment to have warranted the name change.
Explaining the rationale behind this change of brand name, UnityKapital Assurance said the divestment of Unity Bank Plc in the firm necessitated the move. In the statement to the media, the insurer disclosed that it has received approval of shareholders to effect the change of its business name.
“This is to notify the Nigerian Stock Exchange (NSE) and the general public that following the concluded divestment of Unity Bank Plc’s holdings in UnityKapital Assurance Plc and the resolution passed by members of the company at its Annual General Meeting (AGM) held on September 14, 2017, the company has changed its name from UnityKapital Assurance Plc to Veritas Kapital Assurance Plc,” the statement said.
Furthermore, UnityKapital Assurance noted that, “all documents of the company bearing its former name remain valid.” “Our esteemed customers’ nationwide, concerned authorities and the general public should please update their records accordingly and address all future business correspondence to Veritas Kapital Assurance Plc,” the statement concluded.
The board of directors of the company informed the NSE of the divestment of Unity Bank’ holdings in UnityKapital Assurance, which was subsequently acquired by Veritas Capital Limited.
Veritas Capital and Unity Bank in 2016 executed a Share Sale and Purchase Agreement (SSPA), detailing the terms and conditions of the acquisition of 50.3 per cent equity stake in UnityKapital Assurance. However, SEC directed that a 30 per cent acquisition be done immediately while the balance of 20.3 per cent should be acquired simultaneously with a takeover bid to the other shareholders of UnityKapital Assurance.
Meanwhile, In March 2016, a total of 4.16 billion shares of Unity Kapital Assurance were swapped in a cross deal at 77 kobo per share at the NSE to Veritas Capital. This represented 30 per cent equity stake in Unity Kapital Assurance. The bid ran concurrently with the consummation of the transfer of the balance of 20.3 per cent equity stake to Veritas Capital, in line with the directive of SEC on the transaction.
Veritas Capital is a leading private equity firm that invests in companies that provide critical products and services, primarily technology or technology-enabled solutions, to government and commercial customers worldwide.

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