NEW YORK, May 31, 2018 (Naija247news) — Williamsville Sears Management Inc is pleased to announce that it has signed a Letter of Intent (the “LOI”) with Conau Limited for the acquisition of 60% control equity which it holds in its subsidiary company African Alliance Insurance PLC, a Nigerian Stock Exchange quoted insurance company, in an all stock-swap transaction subject to the approval by both companies, the execution of definitive agreements and the achievement of certain other milestones.
The acquisition anticipated by the LOI is the result of a process initiated following WSML’s strategic review announced a few months ago. If consummated, WSML will own 60% of the outstanding shares of African Alliance Insurance PLC. The due diligence process has already started and the transaction is expected to close in August. African Alliance PLC has the following subsidiaries: African Alliance Trustees Limited, Ghana Life, Frenchies Foods Limited, Universal Insurance Company PLC, African Alliance Holding Limited and Axiom Air Limited, a start-up airline company with operating licenses. African Alliance has over $50 million in annual revenues.
Kent Clark, Chairman & CEO of Williamsville Sears Management Inc., stated, “We wanted a partner who felt the same way about our commitment to clients and corporations. Here at WSML we realized early on that African Alliance Insurance PLC was the right fit. We are very enthusiastic about the African Alliance Insurance PLC partnership moving forward. This partnership continues to diversify the WSML Portfolio for our Shareholders and will continue to foster growth for the Company now and into the future.”
Chief Cyril Ajagu, Founder & Chairman of Conau Limited stated, “Conau Limited and its group Companies have a combined business of over 230 years with African Alliance Insurance being 58 years old. Our relationship with WSML will help in crystallizing our long term vision of spreading across the globe through this veritable vehicle to create wealth with a human face and also be a pillar in God’s Kingdom. Africa will be the biggest beneficiary of this relationship as turnkey projects can be unlocked and superior earnings guaranteed to the stakeholders.”