Equity seeks to acquire 66.53% shares of Banque Commercial Du Congo
Equity Group Holdings has entered into a share purchase agreement with George Arthur Forrest, to purchase 66.53% of the shares held by Mr. Forrest in Banque Commercial Du Congo.
Banque Commercial Du Congo is a public limited company licensed by the Central Bank of Congo in the DRC.
Post completion of the transaction which is subject to regulatory approvals from the Central Bank of Kenya and Banque Centrale Du Congo, the Banque Commercial Du Congo business will be amalgamated with that of Equity Group Holding’s existing banking subsidiary in DRC, Equity Bank Congo.
The agreement which is still subject to approval by the COMESA competition commission specifies that equity group holdings will pay a cash consideration of one hundred and five million (USD 105 million) for the 625,354 shares to be purchased inclusive of dividends declared after 1st January 2019 in respect of the financial year ending on 31 December 2019 .
According to Equity Group Holdings Plc. CEO and Managing Director, Dr. James Mwangi this is an opportunity for the group to take further steps towards the delivery of its vision of building sub-Saharan Africa’s premier financial institution through delivering innovative products and services to customers by leveraging on the effective use of technology.