07 Sep 2014

The Atlas Mara Co-Nvest Limited has closed its acquisition of ABC Holdings Limited and ADC African Development Corporation, ABC Holdings Group CEO, Mr Douglas Munatsi, has said.

Atlas Mara’s ordinary shares and warrants were temporarily suspended from trading on April 1 when the company announced its intention to acquire a majority of BancABC and make a voluntary public offer to acquire 100 per cent of ADC. 

Giving the background and update on the journey of the transaction during a press briefing recently, Mr Munatsi said, following the closure of its acquisitions, Atlas Mara acquired a beneficial interest of 95.84 per cent in BancABC, representing a 58.09 per cent direct interest and a 37.75 per cent indirect interest through ADC.

He said Atlas Mara was now fully operational and able to continue to execute its strategy of becoming Sub-Saharan Africa’s premier financial institution. 

ABC Holdings Group CEO said the company remained on track to complete its previously announced acquisition of the commercial arm of BRD, the development bank of Rwanda, and would continue to keep shareholders updated on the development with respect to closing. 

As a result of its acquisitions of BancABC and ADC, he said Atlas Mara now had operations in five countries, namely; Botswana, Mozambique, Tanzania, Zambia, and Zimbabwe. 

Furthermore, he said Atlas Mara also had minority investments in Nigeria and Kenya in Sub-Saharan Africa. 

The acquisitions, Mr Munatsi said, had created a strong foothold for Atlas Mara in the commercially important Southern African Development Community. 

Upon completion of the BRD transaction, he said Atlas Mara would also have a valuable platform in Rwanda for expansion in the vibrant East African Community.

He said Atlas Mara continued to evaluate a number of opportunities on the continent with its strategy of creating value for stakeholders by bringing to bear its experience, expertise and access to capital, liquidity and funding. Ends