Atlas Mara will be acquiring Finance Bank Zambia

Japan TObacco

Atlas Mara Limited, one of the most largest financial services group has disclosed that it will be acquiring Finance Bank Zambia Limited.

The disclosure was contained in a statement mandated by a Financial Conduct Authority’s Disclosure and Transparency Rules

Atlas Mara said that it has 76,057,135 ordinary shares in issue, of which 2,339,080 are held in treasury and 3,298,298 shares are held in escrow as part of the contingent consideration for the acquisition of Finance Bank Zambia Limited, as disclosed to the market on 1 July 2016.

The group confirmed in the disclosure that the total number of voting rights in Atlas Mara is 70,419,757. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Atlas Mara under the DTRs.

“The update in total voting rights reflects the issuance of 257,188 shares from the Company’s treasury stock to certain employees, in accordance with the vesting terms set out in their restricted stock awards, and to its Non-Executive Directors, in accordance with the terms of their letters of appointment, pursuant to which a percentage of their individual compensation is satisfied by the issue of shares”.

For the sake of disclosure, Atlas Mara said the Company’s co-founders, Robert E. Diamond, Jr. and Ashish J. Thakkar, are also Non-Executive Directors, but do not receive compensation in connection with this role.

The finalisation of the acquisition has not been announced. Atlas Mara holds over 36% stake in Union Bank of Nigeria.