26th Mar 2020 17:59
(Alliance News) - Atlas Mara Ltd on Thursday confirmed that it continuing its asset swap talks with Equity Group.
The African banking investor in January said that it was yet to conclude talks to complete the exchange of assets in four different countries for a stake in the Kenyan financial services firm.
In April 2019, 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 had a cash equivalent value of USD105.4 million.
On Thursday, Atlas Mara said it no longer expects the talks to conclude in the early part of 2020 due to the current situation arising from the virus outbreak.
The company also said that it is evaluating the release of its annual statements following the two-week moratorium announcement from UK regulators. It additionally has postponed its May 2020 annual general meeting due to the virus pandemic.
Shares in Atlas Mara closed untraded at USD0.68 on Thursday in London.
By Tapan Panchal; [email protected]
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