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Atlas Mara to sell BancABC Botswana

patriot by patriot
April 19, 2021
in Business
237 15
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Atlas Mara  to sell BancABC Botswana

BancABC Managing Director, Kgotso Bannalotlhe

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Strategic Transaction with Access Bank Plc for BancABC Botswana

Atlas Mara Limited and including its subsidiaries, the sub-Saharan African financial services group, announces that its subsidiary, ABC Holdings Limited, has entered into definitive agreements with Access Bank Plc  for the sale of ABCH’s holdings in African Banking Corporation Botswana. The Transaction is subject to fulfillment of various customary conditions precedent including certain regulatory requirements and consents from other relevant authorities and certain counterparties.

As part of the Transaction, Access Bank will acquire ABCH’s 78.15% shareholding in BancABC Botswana for cash consideration representing approximately 1.13 times book value including a deferred portion payable 24 months after closing of the transaction, subject to certain conditions. The Transaction is expected to conclude in the second quarter of 2021, assuming all relevant approvals are received by then.

Michael Wilkerson, Chairman of Atlas Mara, said, “The Transaction announced today is consistent with the objectives articulated by the Company as part of its previously-announced strategic review and overall debt restructuring. The pandemic-related economic slowdown in 2020 led to a broadening of the initially-announced strategic review and an acceleration of potential transaction discussions in-line with the Company’s objective of a comprehensive restructuring of the Company’s and ABCH’s balance sheets. This Transaction, like the previously announced transactions for Mozambique, Rwanda and Tanzania, is consistent with this strategy and will help realize value for the Group’s creditors and other stakeholders.

He continued, “BancABC Botswana has achieved a great deal since Atlas Mara’s initial investment in 2014, including in digital adoption and in growing a high-quality retail operation. Management have shown strong resilience and further innovation during the pandemic-related economic slowdown of 2020, and we thank the team for their hard work. By combining with Access Bank’s infrastructure, including its digital offerings and its corporate and SME capabilities, the bank will be well positioned to continue the positive trajectory and succeed in the macroeconomic recovery to come.”

[ACCESSWIRE]

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  • We must ‘walk the talk’ July 4, 2022
    We can only save ourselves and our planet by confronting climate change BY COLLEN VIXEN KELAPILE Climate change has become the enemy of human progress and a threat to humanity’s survival. We see its devastating consequences daily. No country is […]
  • Makwinja caught in Minergy saga   June 30, 2022
    Her husband –Leonard, is a Board Member at Minergy Coal ‘She is conflicted, hence she is failing to resolve our disputes with the company’ – Farmers ‘It’s an attempt to score cheap political points’ –Makwinja Minergy Coal proposes a […]
  • CA Sales lists on the JSEJune 29, 2022
    african-markets.com The JSE, Africa’s largest stock exchange, has listed CA Sales Holdings Limited on its main board providing South African investors with exposure in the fast-moving consumer goods (FMCG) company with a footprint in several Southern African countries. CA […]
  • BBS launches insurance agencyJune 28, 2022
    BBS Limited is pleased to inform its current and potential customers as well as stakeholders that it has launched an insurance agency called BBS Insurance Agency Limited; whose purpose is to provide insurance agency services and bespoke insurance products […]
  • MANTSWE JOINS TURNSTAR BOARDJune 28, 2022
    Turnstar Holdings Ltd, is pleased to announce the appointment of Mr Solomon Seoketsi Mantswe, to the Board of Directors, with effect from 1st July 2022. He brings over 30 years’ experience in the public service. He was appointed Deputy […]
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