Atlas Mara makes compulsory offer to buy out ABC minorities

Atlas Mara makes compulsory offer to buy out ABC minorities

HARARE, April 27 (The Source) – London-listed financial services group Atlas Mara says it intends to compulsorily buy out minority shareholders in ABC Holdings to complete its takeover of the pan-African banking group.

Atlas Mara, an investment company co-owned by former Barclays Plc chief executive Bob Diamond, took ABC Holdings last year and intends to delist the bank from the Zimbabwe and Botswana bourses after becoming a privately owned company.

It already holds 98,70 percent of ABC shares after a mandatory offer to minorities last year, but on Monday said 2,841 shareholders holding 3,351,280 shares did not respond to the offer.

“Atlas Mara intends to compulsorily purchase the shares held by these shareholders at a price of BWP7,49 per share in respect of shares on the Botswana Register and USD0,82 per share in respect of shares held on the Zimbabwe Register, cash on delivery of the shares,” said the group in a statement on Monday.

It gave the minority shareholders six weeks to accept the offer or oppose the takeover at the Botswana High Court.

“If you do not make any application, at the end of the six week period, Atlas Mara will be registered as the holder of your shares, and will hold the amount of BWP7,49 per share or USD0,82 per share as the case may be ready to pay against surrender of the share certificate in respect of your shares,” it said.

Atlas Mara combines Diamond’s Atlas Merchant Capital LLC and African entrepreneur AshishThakkar’s Mara Group Holdings Limited.

BancABC has presence in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe.