Consortium snaps up 30% stake in African Alliance

A consortium of citizen investors headed by former Permanent Secretary at the Ministry of Finance, Serwalo Tumelo, has acquired a 30 percent stake in diversified financial house African Alliance Botswana (AAB).

The company, which is one of the first firms to be certified as an international financial service outfit by Botswana IFSC, was set up in Botswana 14 years ago as a joint venture at the invitation of a citizen empowerment group headed by the late Louis Nchindo. However, Nchindo disposed of his 18 percent stake in the company back to the group in 2008.