THE management of Custodian Investment Plc, in response to the liquidation filed by the Abraaj Holdings, a Dubai-based investment firm with operations in Africa, Asia, Latin America, Middle East and Turkey on June 12, 2018, has said Custodian is not in any way affected.
Aureos Africa Fund, which is managed by Abraaj Investment Management Limited (AIML), holds minority shares of Custodian Investment Plc.
A court order on Monday, June 18, 2018 appointed executives from PwC and Deloitte as joint provisional liquidators of Abraaj Holdings. In a statement made by Abraaj Holdings, “the court-supervised restructuring of Abraaj Holdings would have ‘minimum impact’ on the day-to-day operations of the management of the funds and their portfolio companies.”
In response to the liquidation, Mr Wole Oshin, Group Managing Director of Custodian Investment Plc, in a statement, stated, “Abraj are just managers not shareholders. They manage Aureos Africa fund who have some shares in Custodian. Our stock market prices have remained steady, and the strength of our company will not be deterred regardless of this event.”
On Tuesday, June 19 Custodian Investment Plc traded flat at N5.27, up by 4.9 per cent from June 12 when Abraaj filed for liquidation.
“The vision of Custodian Investment Plc remains the same. Our institutional capacity is managed by a board of thoroughbred professionals with varied experience. The management is focused on building capacity and shareholder value whilst ensuring the company’s financial strength and ranking as an eminent player in Nigeria’s Other Financial Services Sector of the economy is maintained,” Oshin said.
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