23 Jun 2020 07:00
23 June 2020
Update on Proposed Strategic Transaction
Atlas Mara Limited ("Atlas Mara" or the "Company") announced on 26 March 2020 that discussions with Equity Group Holdings Plc ("EGH") were ongoing, with the objective of reaching mutually acceptable terms for the strategic transaction originally announced in 2019. After careful consideration, the Company and EGH have mutually agreed to discontinue transaction discussions. This decision was driven largely by a shift in EGH's strategy given the effects of the COVID-19 pandemic globally and on the economies in which EGH entities operate.
Atlas Mara remains committed to implementing the previously announced strategic decisions of the board which include focusing on improving performance in core markets, streamlining the holding company structure and related costs, and exiting or partnering in certain countries. The Company continues to evaluate a number of options with the objective of completing when practicable a strategic transaction aligned with these objectives. The Company will provide further updates to the market in due course.
The Company also continues to prioritize liquidity and capital management, with a focus on providing support and solutions for its clients in the context of the economic effects of the pandemic. The Company is continuing to invest in high-impact digital channels and transactional platforms to drive substantially lower cost of funds, enhancing core banking systems, and focusing on technology-enabled products to retain and grow the customer base. The Company also continues to support its local management teams as they actively scale their engagement with clients to provide tailored liquidity and credit solutions to help them weather these challenging circumstances.
Contact Details:
InvestorsKojo Dufu, +1 212 883 4330
MediaApella Advisors, +44(0) 7818 036 579
Anthony Silverman
About Atlas Mara
Atlas Mara Limited (LON: ATMA) is a financial services institution founded by Bob Diamond and listed on the London Stock Exchange. With a presence in seven sub-Saharan countries, Atlas Mara aims to be a positive disruptive force in the markets in which we operate by leveraging technology to provide innovative and differentiated product offerings, deliver excellent customer service and accelerate financial inclusion. For more information, visit www.atlasmara.com.