Heritage Bank Limited was Thursday, announced as the preferred bidder for Enterprise Bank Limited by the Asset Management Company, AMCON.
Fidelity Bank emerged as the reserved bidder.
In a statement, AMCON said that it was pleased to announce HBCL Investment Services Limited, as the preferred bidder and Fidelity Bank Plc as reserved bidder for the acquisition of the entire issued and fully paid up ordinary shares of Enterprise Bank Limited.
The statement added: “This follows the receipt of the approval of the Board of Directors of AMCON. HISL is sponsored by Heritage Banking Company Limited. The completion of the transaction is subject to the fulfilment of the conditions, precedent as stated in the Share Purchase Agreement, SPA, that is to be executed between AMCON and HISL.
“In the event that HISL is unable to complete the Transaction in line with the payment terms and other provisions of the SPA, the SPA entered into with HISL would be terminated and Fidelity Bank would become the preferred bidder.”
AMCON said the process started with interest shown by 24 parties cutting across local and international bidders.
It noted that the emergence of HISL and Fidelity Bank as preferred and reserved bidders respectively, resulted from a rigorous and competitive bidding process coordinated by Citigroup Global Markets Limited and Vetiva Capital Management Limited (Financial Advisers) and G. Elias & Co. as legal advisers for AMCON.