ABC Holdings, financial services provider working in Africa, and a unit of BVI-registered Atlas Mara Limited, announced that it is selling 24.9% of its Botswana subsidiary, BancABC Botswana, to raise US$34 million.
According to BancABC Botswana, which is wholly owned by ABC Holdings, the funds raised from selling 180 million shares will be used for upgrading, developing and enhancing IT infrastructure and banking platforms across its operations in Africa.
The share sale is to close on November 23. The bank said that it is not a public trade, the shares were offered to private institutional investors and firm commitments were received for 148.6 million offered shares, which make 82.3% of the offer. However, Managing Director of BancABC Botswana noted that members of the public also have an opportunity to participate in the offer through the brokers.
