|ADC raises BancABC stake|
|Wednesday, 08 August 2012 00:00|
before raising its interest to 41,7 percent after underwriting the group’s US$50 million rights issue.
The Frankfurt Stock Exchange-listed company then increased its ABC stake when it agreed to hold shares for executive management as a financing mechanism, to take its shareholding to 50,4 percent.
Banking Corporation,” said ABC Holdings.
Group CEO Mr Beki Moyo said the capital levels for the various banking subsidiaries would increase to US$53 million for BancABC Botswana, BancABC Zimbabwe US$52 million, BancABC Mozambique US$32 million, BancABC Zambia US$26 million and BancABC Tanzania US$20 million.
The successful cash call then created the right platform for the group to start preparing for between US$75 million and US$100 million fund raising plan.
ADC is a listed financial services group company focusing on the highly profitable banking and insurance market as well as on proprietary investments in selected frontier markets in Sub-Saharan Africa.
The group focuses on making growth capital investments available, following an active management approach and knowledge transfer delivering operational added value to its portfolio companies.