(Alliance News) - African banking investor Atlas Mara Ltd said Thursday it has yet to complete the exchange of assets in four different countries for a stake in Kenyan financial services firm Equity Group Holdings Ltd.
In April last year, Atlas Mara agreed to give up its holding in Banque Populaire du Rwanda, African Banking Corp Zambia, African Banking Corp Tanzania, and African Banking Corp Mozambique. In return the London-listed company will receive 252.5 million shares in Equity Group, which represents a 6.3% stake.
The transaction has a cash equivalent value of USD105.4 million.
"While there is no assurance that the potential transaction will be concluded on the terms previously announced, the parties continue to be engaged in discussions, with the objective to reach mutually-acceptable terms as soon as practicable in early 2020. The company will provide any further update to the market in due course," Atlas Mara said Thursday.
Atlas Mara was founded by former Barclays PLC chief executive officer Bob Diamond. Diamond stepped back from his chair role last year to take up a non-executive director position the firm.
Shares in Atlas Mara were down 1.4% on Thursday in London at USD1.08 each.
By Paul McGowan; paulmcgowan@alliancenews.com
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