The sub-Saharan African financial services group, incorporated in the British Virgin Islands, Atlas Mara Limited, announced that it has sold its 10.1 percent stake in Brainworks Capital Management (Private) Limited, the Zimbabwe-focused private equity and advisory firm, for US$8.72mln.
ADC Financial Services & Corporate Development, which is an indirectly wholly-owned subsidiary of the BVI company, has agreed to sell its Brainworks stake for approximately US$3.1 million in cash and 665,195 Atlas Mara ordinary shares. The transaction is to be completed by 30 June 2015, subject to certain conditions.
