Atlas Mara Ltd - Sub-Saharan Africa banking investor - Subsidiary ABC Holdings Ltd enters into definitive agreements with Access Bank PLC for the sale of ABC's holdings in African Banking Corp Botswana. Says Access Bank will acquire ABC's 78% shareholding for a cash consideration representing "1.13 times book value", including a deferred portion payable 24 months after the transaction closes, subject to certain conditions. Notes the transaction is expected to conclude in the second quarter of 2021.
"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. 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," says Atlas Mara Chair Michael Wilkerson.
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By Zoe Wickens; zoewickens@alliancenews.com
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