Atlas Mara lining more investment in Zimbabwe?

Atlas Mara lining more investment in Zimbabwe?
Published: 14 May 2014
Could Atlas Mara Co-Nvest Limited be lining up more investments in Zimbabwe? Well, it certainly is for Africa.

Bob Diamond and Ashish Thakkar's Atlas Mara yesterday announced that would raise about $400 million through a private placement of new shares to fund its growth on the continent, including funding BancABC and "future acquisitions".

In a statement on its website, the shell company said it would place 36 500 000 new ordinary shares in Atlas Mara at an issue price of $11 per offer share.

"Atlas Mara would use the net proceeds from such an Offer to support growth of ABC Holdings Limited ("BancABC"), for future acquisitions and bolt-on Mr. Diamond opportunities, and for general corporate purposes. The Issue Price would represent a discount of 3,5 percent to the closing price of Atlas Mara's ordinary shares on 31 March 2014.

"It is expected that such an Offer would close immediately following the closing of the previously announced acquisitions of controlling interests in each of BancABC and ADC African Development Corporation AG (together, the "Acquisitions")," said Atlas Mara.

In March, Atlas Mara agreed to buy BancABC, which offers financial services in Zimbabwe, Botswana, Mozambique, Tanzania, and Zambia.

Announcing that acquisition Atlas Mara said it would inject $100 million in BancABC following conclusion of the deal, and will use the financial services firm as a springboard for further acquisitions.
- Bh24
Tags: AtlasMara, BancABC,

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