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
Has life become worthless?

As many wondered what wrong the young boy could have done to end up killed, it emerged that his own cousin was a suspect in the murder after he claimed P50,000 from Botswana Life. Thato Tsametse, who was last week sentenced to death for the murder of his cousin, had reportedly taken out two Mmoloki Funeral Covers valued at P25,000 each.Over the years, the media has been covering the murder case, and some revelation has come up that certain...

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