Nigerian bank takes major stake in BancABC Botswana

Atlas Mara, the controlling shareholder in ABC Holdings, said the offer for the 78% represented 1.13 times the book value of the stake in BancABC Botswana. As at December 2020, BancABC’s total book value was estimated at about P1.2 billion.

Officials said the settlement amount included a deferred portion payable 24 months after closing of the transaction, subject to certain conditions. The transaction is expected to conclude in the second quarter of 2021, “assuming all relevant approvals are received by then”.