Atlas Mara Co-Nvest Limited (Atlas Mara), a financial services holdings company, announced on August 21st 2014 the closing of its acquisitions of Pan-African companies ADC African Development Corporation AG (ADC) and ABC Holdings Limited (BancABC) with its commercial bank network in Zambia as well as Botswana, Mozambique, Tanzania and Zimbabwe.
Atlas Mara has acquired a beneficial interest of 95.84% in BancABC, representing a 58.09% direct interest and a 37.75% indirect interest through ADC.
Atlas Mara’s ordinary shares and warrants had been temporarily suspended from trading on April 1st 2014 when the group announced its intention to acquire a majority of BancABC and make a voluntary public offer to acquire 100% of ADC, but with the completion of these transactions, the group is now fully operational.
Additionaly, the company announced on the same day that the readmission of its ordinary shares and warrants to a Standard Listing on the Official List of the UK Listing Authority and to trading on the London Stock Exchange’s main market for listed securities had been approved.
Atlas Mara Founder and Director Bob Diamond said: « Atlas Mara is having a fantastic first year and I am delighted that we are coming back to the LSE in such a strong position ».
As a result of these acquisitions, Atlas Mara now has operations in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe, as well as minority investments in Nigeria and Kenya.
These acquisitions have created a strong foothold for Atlas Mara in the Southern African Development Community (SADC), while the group is also currently trying to enter the East African Community (EAC) through the acquisition of the Development Bank of Rwanda (BRD).
The company’s readmission at the LSE is expected to become effective at 8.00 a.m. GMT on 27 August 2014.