POSB to partially privatise and list by February 2021

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POSB anticipates having identified ideal investors by the end of February 2021, which will culminate in its partial privatisation and subsequent listing on the stock exchange.

In its results statement for the half year to June, the bank said that it had concluded the process of procuring the Transaction Advisory Services consultant, KPMG, which had been delayed over payment issues due to the secondary consultant KPMG Nigeria. The issues have now been clarified and the bank now anticipates recommendations and partial privatisation considerations to be presented before Cabinet by February 2021.

The groundwork for the partial privatisation of the bank started in 2018 with the setting up of a technical committee to spearhead the process. This was after Government announced its parastatal reform agenda, which included the outright sell and partial privatisation of some of the State-owned entities.

Source – finx