ATLAS Mara Limited Announces IPO of BancABC Botswana on Botswana Stock Exchange
Initial Public Offering(“IPO”) of African Banking Corporation of Botswana Limited(“BancABC Botswana”) on the Botswana Stock Exchange (“BSE”)
TORTOLA / ACCESSWIRE / November 7, 2018 / Atlas Mara Limited (“Atlas Mara” or the “Company”), (LSE: ATMA) the sub-Sahara African financial services group, is pleased to announce today that BancABC Botswana, which is currently a wholly-owned subsidiary of the Company through ABC Holdings Limited (“ABCH”), has launched an IPO (the “Offer”) on the BSE in which ABCH will sell up to 24.9% of its shareholding in BancABC Botswana.
“This IPO marks an important milestone for BancABC Botswana, whose listing is expected to further support its growing corporate stature in the local market as it seeks to diversify client offerings and grow market share, while benefiting from the support of local institutional relationships” said John Staley, Chief Executive Officer of Atlas Mara, additionally noting that “For Atlas Mara, achieving a local listing of BancABC Botswana further demonstrates the underlying value in our banking subsidiaries across Africa while also securing additional resources to support execution of our near-term strategic priorities.”
The Offer, which is expected to close in early December 2018, represents a valuation multiple of 1.5 times book value (as at 30 June 2018) and has received irrevocable subscriptions from several local institutional investors for a substantial majority of the shares in the Offer. Atlas Mara invested in BancABC Botswana in 2014 through its acquisition of ABCH. Following the IPO, Atlas Mara will remain a significant, majority shareholder as it continues to drive the execution of BancABC Botswana’s long-term strategy.
Investors Kojo Dufu, +1 212 883 4330
Teneo Blue Rubicon, +44 20 3757 9231
About Atlas Mara
Atlas Mara Limited (LSE: ATMA) is a financial services institution listed on the London Stock Exchange. Its vision is to create sub-Saharan Africa’s premier financial services institution through organic and inorganic growth by combining the best of global institutional knowledge with extensive local insights. With a presence in seven sub-Saharan countries, 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, excellent customer service and accelerate financial inclusion in the countries in which the Company operates. For more information, visit www.atlasmara.com
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SOURCE: Atlas Mara