29th Sep 2020 17:30
Atlas Mara Ltd - Africa-focused banking investor - Subsidiary ABC Holdings Corp Ltd signs deal with Access Bank PLC for sale of ABCH's holdings in African Banking Corp Mozambique. Sum for sale is undisclosed, but will include upfront cash payment equal to 0.8 times book value as at June 30, and an additional payment 24 months after deal is closed.
"This transaction with Access Bank is an important step in our broader repositioning of the Group as a streamlined holding company, with an increased focus on core markets. BancABC Mozambique has shown remarkable resilience this year during the pandemic, and we commend the management team for their work in serving our customers. By combining with Access Bank's infrastructure and existing footprint, they will be well equipped to continue on the positive trajectory achieved to date," said Executive Chair Michael Wilkerson.
Current stock price: USD0.32
Year-to-date change: down 71%
By Dayo Laniyan; [email protected]
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