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"Mauritius-based financial services group AfrAsia Bank Limited has reached an agreement Kingodm Financial Holdings Limited (Kingdom) to take up 35 perc..."
Mauritius-based financial services group AfrAsia Bank Limited has reached an agreement Kingodm Financial Holdings Limited (Kingdom) to take up 35 percent equity in the group for $9,5 million.
The transection completes the recapitalisation of Kingdom which has been pursuing several initiatives to recapitalise its operations by raising $25 million, comprising $15 million equity and $10 million debt finance.
"After months of hard work by Kingdom directors, management team and advisors, we are pleased to advise all our stakeholders, and most importantly our valued clients, that Kingdom and AfrAsia Bank Limited have reached agreement. AfrAsia will invest US$9,5 million in Kingdom 35 percent equity stake," Kingdom said in a statement.
The investment by AfrAsia and the US$2,8 million raised through the rights issue will be used to recapitalise Kingdom Bank, which together with the existing capital will result in Kingdom Bank having core capital in excess of the minimum capital requirements set by the Reserve Bank of Zimbabwe.
Kingdom said it had already received approvals from the Ministry of Finance, the Exchange Control and the Bank Licensing, Supervision and Surveillance divisions of the Reserve Bank of Zimbabwe and the Ministry of Youth Development, Indigenisation and Empowerment.
The transection completes the recapitalisation of Kingdom which has been pursuing several initiatives to recapitalise its operations by raising $25 million, comprising $15 million equity and $10 million debt finance.
"After months of hard work by Kingdom directors, management team and advisors, we are pleased to advise all our stakeholders, and most importantly our valued clients, that Kingdom and AfrAsia Bank Limited have reached agreement. AfrAsia will invest US$9,5 million in Kingdom 35 percent equity stake," Kingdom said in a statement.
The investment by AfrAsia and the US$2,8 million raised through the rights issue will be used to recapitalise Kingdom Bank, which together with the existing capital will result in Kingdom Bank having core capital in excess of the minimum capital requirements set by the Reserve Bank of Zimbabwe.
Kingdom said it had already received approvals from the Ministry of Finance, the Exchange Control and the Bank Licensing, Supervision and Surveillance divisions of the Reserve Bank of Zimbabwe and the Ministry of Youth Development, Indigenisation and Empowerment.
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