ATLAS Mara Limited Strategic Transaction with Access Bank Plc (8109V)
19 April 2021 - 4:00PM
UK Regulatory
TIDMATMA
RNS Number : 8109V
ATLAS Mara Limited
19 April 2021
19 April 2021
Strategic Transaction with Access Bank Plc for BancABC
Botswana
Atlas Mara Limited ("Atlas Mara" or the "Company" and including
its subsidiaries, the "Group"), the sub-Saharan African financial
services group, announces that its subsidiary, ABC Holdings Limited
("ABCH"), has entered into definitive agreements with Access Bank
Plc ("Access Bank") for the sale of ABCH's holdings in African
Banking Corporation Botswana ("BancABC Botswana") (the
"Transaction"). The Transaction is subject to fulfillment of
various customary conditions precedent including certain regulatory
requirements and consents from other relevant authorities and
certain counterparties.
As part of the Transaction, Access Bank will acquire ABCH's
78.15% shareholding in BancABC Botswana for cash consideration
representing approximately 1.13 times book value including a
deferred portion payable 24 months after closing of the
transaction, subject to certain conditions. The Transaction is
expected to conclude in the second quarter of 2021, assuming all
relevant approvals are received by then.
Michael Wilkerson, Chairman of Atlas Mara, said, "The
Transaction announced today is consistent with the objectives
articulated by the Company as part of its previously-announced
strategic review and overall debt restructuring. The
pandemic-related economic slowdown in 2020 led to a broadening of
the initially-announced strategic review and an acceleration of
potential transaction discussions in-line with the Company's
objective of a comprehensive restructuring of the Company's and
ABCH's balance sheets. This Transaction, like the previously
announced transactions for Mozambique, Rwanda and Tanzania, is
consistent with this strategy and will help realize value for the
Group's creditors and other stakeholders.
He continued, "BancABC Botswana has achieved a great deal since
Atlas Mara's initial investment in 2014, including in digital
adoption and in growing a high-quality retail operation. Management
have shown strong resilience and further innovation during the
pandemic-related economic slowdown of 2020, and we thank the team
for their hard work. By combining with Access Bank's
infrastructure, including its digital offerings and its corporate
and SME capabilities, the bank will be well positioned to continue
the positive trajectory and succeed in the macroeconomic recovery
to come."
Contact Details:
Investors
Kojo Dufu, +1 212 883 4330
Media
Apella Advisors, +44(0) 7818 036 579
Anthony Silverman
About Atlas Mara
Atlas Mara Limited (LON: ATMA) is a financial institution listed
on the London Stock Exchange. 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
.
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END
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