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Atlas Mara to sell banking assets in Rwanda and Tanzania to KCB
StockMarketWire.com
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Financial services company Atlas Mara said it had entered into definitive agreements to sell its banking assets in Rwanda and Tanzania to KCB.
As part of the transaction, KCB would acquire Atlas Mara's 62.06% shareholding in Banque Populaire du Rwanda for 1.09 times book value and its indirect interests in African Banking Corporation Tanzania Limited for 0.42 times book value.
The actual cash consideration payable by KCB will be determined based on the final book value of the two banks at completion of the transactions, the company said.
Following a review of each banking operation last year, the company has decided to exit markets where it did not have a 'clear near-term path to acceptable scale and profitability.'
The transactions, which require regulatory approvals, were expected to close during the first half of 2021.
At 8:56am: (LON:ATMA) Atlas Mara Coinvest Ltd share price was 0p at 0.26p
Story provided by StockMarketWire.com
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