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KCB terminates share agreement with ABC Bank    

KCB terminates share agreement with ABC Bank    

KCB Group PLC has announced the termination of its shares purchase agreement with the ABC Holdings Limited (“ABCH”) for the proposed acquisition of African Banking Corporation Tanzania Limited (“ABC Tanzania”) for allegedly failure to adhere to deadlines and other conditions.

A statement released Thursday by the KCB’s Group Company Secretary, Bonnie Okumu charged that the ABC Holding Limited failed to abide by the completion of transactions subject to certain conditions that were customary for transactions of the nature, including receipt of all regulatory approvals.

On the 26 of November, according to Ms Bonnie, KCB announced that it had entered into a share purchase agreement [“Agreement”] with, among others, ABC Holdings Limited (“ABCH”) for the proposed acquisition of African Banking Corporation Tanzania Limited (“ABC Tanzania”), a commercial bank established and operating in Tanzania.

“As of the date hereof, certain regulatory approvals have not been received within the prescribed timeframe specified in the Agreement,” the statement said and added: “As a result, without further agreement by the parties to extend the long stop date, the agreement has been terminated and accordingly, the parties will not proceed to complete the transaction as previously envisaged.” Ms Bonnie said

However, she said that despite the circumstances, KCB will continue exploring and pursuing attractive regional expansion opportunities in order to enhance their regional participation, accelerate their growth and maintain sustainable long-term African success in line with their expansion and growth strategy.
 

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Author: ESTHER TAKWA

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