Atlas Mara lures BancABC minority shareholders

SHARE   |   Sunday, 07 September 2014   |   By Othusitse Tlhobogang

Atlas Mara Co-Nvest Limited has announced the completion of its acquisitions of ABC Holdings Limited (BancABC) and African Development Corporation (ADC).

The company closed its acquisitions of BancABC and ADC following, which Atlas Mara has acquired a beneficial interest of 95.84 % in BancABC representing a 58.09 % direct interest and a 37.7 % indirect interest through ADC.


BancABC Group CEO Douglas Munatsi said Atlas Mara will approach shareholders who are holding the remaining 4.16 per cent in BancABC to sell in order to acquire total ownership of the bank.

Munatsi, however, revealed that the company has sought appraisal from relevant authorities in all the countries that its operations will be in this he says includes central banks and competition authorities. “I am pleased to say the response though not uniform had been positive” said he.


The company‘s ordinary shares  and warrants which were temporarily suspended  from standard listing on the official  list of  the UK Listing Authority and to trade on the London Stock Exchange’s main market  for listed securities  on the 1st of April 2014 were then readmitted and dealings in them commenced at 8.00a.m GMT  on the 27th of August 2014.

“With the successful completion of these acquisitions, Atlas Mara is now a fully operational entity and will be able to continue to execute its strategy of becoming Sub-Saharan Africa’s premier financial institution,” Munatsi said.


Munatsi noted that following its 325 million pounds IPO in December 2013, Atlas Mara obtained access to additional equity capital of 300 million pounds from the private placement of ordinary shares announced in May 2014, which will settle upon readmission.

As a result of its acquisitions of BancABC and ADC, Atlas Mara now has operations in five countries (Botswana, Mozambique, Tanzania, Zambia and Zimbabwe) and minority investments in an additional two countries (Nigeria and Kenya) in Sub-Saharan Africa. These acquisitions have created a strong foothold for Atlas Mara in the commercially important Southern African Development Community (SADC).


The company remains on track to complete its previously announced acquisition of the commercial arm of BRD, the development bank of Rwanda. Upon completion of the BRD transaction, Atlas Mara will also have a valuable platform in Rwanda for expansion in the vibrant East African Community (EAC).

In connection with the ADC acquisition, the company issued 11,262, 662 ordinary shares to ADC shareholders who accepted the offer. Pursuant to the BancABC acquisition, the company issued a further 2,030,577 ordinary shares.


Therefore, as at 21 August 2014, the total number of voting rights in Atlas Mara is 44, 572, 739 shares which number should be used by shareholders and other parties subject to disclosure obligations as denominator for the calculations by which they determine if they are required to notify their interest in or change to their interest in the share capital of Atlas Mara under the FCA’s Disclosure and Transparency Rules. It should be noted that this figure excludes ordinary shares to be issued in connection with the approximately 300 million pounds private placement, which is expected to settle upon readmission.

Atlas Mara Co-Nvest Ltd (ATMA) bought ABC Holdings Ltd. and ADC African Development Corp. for as much as $265 million. 

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