ABC minorities spurn Atlas Mara offer

Shareholders holding 1.3 percent (3.34 million shares) of Pan African banking group ABC Holdings have declined a mandatory takeover offer from UK firm Atlas Mara.

In September, Atlas Mara made a mandatory offer to minority shareholders of ABCH constituting 4,2 percent of the banking group’s share capital.

This came after Atlas Mara had acquired 95,8 percent in the banking group with operations in Zimbabwe, Botswana, Zambia, Mozambique and Tanzania under the BancABC brand.

Editor's Comment
The corrupt must be punished

The findings reveal a disturbing pattern of misconduct and lack of transparency that cannot be ignored.The Tribunal, led by Judge President Justice Kabelo Lebotse, has rightly condemned the Ministry for its eyebrow raising conduct in awarding a P1.8 billion water tender to China Civil Engineering Construction Corporation (Pty) Ltd and Zhong Gan Engineering & Construction Corporation (Pty) Ltd.The award was made despite alleged clear evidence that...

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