@scubidu;
1) I am buying both! CFCS Holdings is the listed company and it owns both the bank and the insurance arms

2)When a business operates without a "taller uncle" watching over it, it tends to do much better. CFC Insurance is a small entity compared to CFC Stan Bank. Cutting it free will give it the shot in the arm to grow to greater heights. Time horizon = 3yrs

3) They will not have a choice to refuse. An SGM vote will determine whether to de-merge or not. If passed, ALL shareholders will get the one-for-one share in CFC Insurance and those who don't wish to hold on to it will sell it in the open market - CFCI will be listed. The question of a cash compensation does not arise.

4) No. It already has well over sh1b in paid-up share capital

5) The good-will will remain in the books of CFC Stanbic Holdings. And I wouldn't worry too much about it: There is also quite a healthy Share-premium figure (13.6b) on the other side of the BS. You see, when CFC bought Stanbic Kenya, they paid with (newly created) shares. And while the price of Stanbic was pegged higher than the NAV (hence the goodwill), the (CFC) shares handed over to Stanbic Holdings Africa were also priced at a premium (sh115 cf the Sh30 NAV at the time).