The Board of Central Securities Clearing System (CSCS) Plc has confirmed that FMDQ Holdings Plc has acquire a significant stake of 21.6 per cent in the clearing and depository group.
In a statement at the weekend, CSCS stated that FMDQ acquired 1.08 billion ordinary shares through the over-the-counter (OTC) market, NASD OTC Plc.
According to the Board, two major shareholders of CSCS, Artemis Limited and ZPC Leadway Insurance Prem. Coll & Invest, which held 16.61 per cent or 830.64 million shares and five per cent or 250 million shares, sold their shares to FMDQ.
The board noted that CSCS serves as the central securities depository and clearing infrastructure for the Nigerian capital markets.
“Our company plays an intrinsic role in ensuring the integrity and safety of transactions conducted in the Nigerian capital market.
“CSCS expresses gratitude to its shareholders and stakeholders for their sustained interest in the company. We affirm our dedication to working towards achieving our strategic objectives of being the globally respected and leading central securities depository in Africa,” the company stated.