Atlas Mara wraps up ABC Holdings takeover

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ATLAS Mara on Monday announced a firm intention to buy out the remaining minority local and Botswana minority shareholders in ABC Holdings.
The UK-based investment company which is co-owned by former Barclays Plc chief executive Bob Diamond is keen to gain total complete control of the Pan-African financial services group.
The announcement of a firm intention to make an offer indicates Atlas Mara is confident of snapping up the remaining stock.
Atlas Mara has already bought up 95,84 percent of ABC’s shareholding and the banking group will soon delist from the Zimbabwe and Botswana bourses after becoming a privately owned company.
On March 31, Atlas Mara announced an agreement to purchase 50,1 percent of the ABCH in a $265 million transaction after acquiring shareholding from other major institutional investors.
“Atlas Mara Co-Nvest Limited, a public company incorporated according to the British Virgin Islands has acquired ownership and control of 95.84 percent of the issued ordinary shares in ABC Holdings Limited and will make an offer to the holders of ordinary issued shares in ABCH listed on the BSE and ZSE, other than ADC Financial Services and Corporate Development Limited, who have not already sold their ABCH shares,” the company said.
It said the consideration to be offered is BWP7.49 equivalent of $0.82 as at September 15,  2014 for each ABC Holdings Share listed on the BSE, and $0.82 per ABC Holdings Share listed on the ZSE held by the minority shareholders to whom the offer is addressed.
Atlas Mara combines Diamond’s Atlas Merchant Capital LLC and African entrepreneur Ashish Thakkar’s Mara Group Holdings Limited.
BancABC has presence in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe.Advertisement