London firm to buy BancABC for P2.3bn

Thakkar (left), Munatsi (center) and Diamond at a press briefing held in Gaborone this week. PIC KEBOFHE MATHE
Thakkar (left), Munatsi (center) and Diamond at a press briefing held in Gaborone this week. PIC KEBOFHE MATHE

London Atlas Mara has agreed to buy ABC Holdings and its major shareholder African Development Corporation (ADC) for as much as $265 million (P2.3 billion).

ABC Holdings, which is listed in the Botswana Stock Exchange (BSE) through its operating brand BancABC, offers financial services in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe.

ADC, a London Stock Exchange (LSE) listed operation trading in Frankfurt, owns 47.1 percent of BancABC and 9.1 percent of Union Bank of Nigeria.

Editor's Comment
Closure as pain lingers

March 28 will go down as a day that Batswana will never forget because of the accident that occurred near Mmamatlakala in Limpopo, South Africa. The tragedy affected not only the grieving families but the nation at large. Batswana throughout the process stood behind the grieving families and the governments of Botswana and South Africa need much more than a pat on the back.Last Saturday was a day when family members said their last goodbyes to...

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