IN BRIEF: Atlas Mara Says No Offer For Union Bank Of Nigeria Stake

Atlas Mara Ltd - investor in banks in sub-Saharan Africa - Says not received any offers from any ...

Alliance News 25 January, 2021 | 12:09PM
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Atlas Mara Ltd - investor in banks in sub-Saharan Africa - Says not received any offers from any local Nigerian bank or other bank for stake in Union Bank of Nigeria. Despite its "practice to refrain from comment on market rumours or speculation", Atlas Mara says it felt the need to clarify "incorrect" media reports it has received offers from local banks wishing to buy Union Bank.

"As previously announced to the market in 2019, the board of the company has been exploring a wide range of strategic options with the assistance of external advisers. That process is still underway and the company's strategic objectives have not changed," Atlas adds.

In November last year, Atlas agreed to sell its banking assets in Rwanda and Tanzania to KCB Group PLC. The deals are expected to close during the first half of 2021, assuming regulatory approvals are received by then. Atlas, at the time, said the deal with KCB was "another significant milestone" in its broader repositioning.

Current stock price: USD0.41, up 7.9% on Monday

Year-to-date change: up 52%

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Atlas Mara Ltd 0.39 -

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