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May 14, 2021 / Charles Mkula
The National Bank of Malawi (NBM) plc has announced that it has now completed the acquisition of a 51 percent controlling stake in Akiba Commercial Bank plc (ACB) in Tanzania for a consideration of USD 7.31 million.
A statement from MSE says the acquisition, made through a share subscription, is in line with NBM plc’s current strategic plan which has regional expansion as one of its key thrusts.
“This acquisition is expected to bring about growth in the business for both NBM Plc and ACB as it upscales the business of ACB to the standards of NBM plc,” the statement announces.
NBM is listed on the Malawi Stock Exchange with a market capitalization of K304 billion (US$388 million). The investment in ACB is approximately 2 percent of NBMs current market capitalization.
ACB is a Tanzanian bank offering a range of banking and financial services. It was established in 1997 with 300 Tanzanian entrepreneurs as its initial shareholders. It has strong SME roots and operates 18 branches across Tanzania.
Meanwhile, the statement advises NBM shareholders that negotiations are continuing for an additional stake in ACB.
Other trading announcements include ongoing shareholding negotiations by FDH Financial Holdings Limited, the majority shareholder in FDH Bank plc to effect changes in the company’s shareholding structure.
“Shareholders are therefore advised to exercise caution in dealing in their shares and consult professional advisors before dealing in their shares until such time as the result of the negotiations is known,” reads the statement in part.
Further the statement discloses that by the end of December, 2020, Malawi’s NICO Holdings plc, a listed entity on the Malawi Stock Exchange (MSE), registered improved market performance as a result of profits made by its subsidiary, NICO Life Insurance Company Limited.
According to the MSE trading statement, actual adjustments in NICO Holdings’ group profit after tax for the year ended 31st December 2020 are expected to be higher by more than 20 percent from that of the previous corresponding period. Illovo Sugar (Malawi) plc also declared an anticipation of its profit after tax for the half year ended 28 February 2021 to be 60 percent higher than the previous corresponding
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Rehabilitation:
The establishment of a stable and self-sustaining ecosystem, but not necessarily the one that existed before mining began. In many cases, complete restoration may be impossible, but successful remediation, reclamation, and rehabilitation can result in the timely establishment of a functional ecosystem.
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Remediation:
The cleanup of the contaminated area to safe levels by removing or isolating contaminants. At mine sites, remediation often consists of isolating contaminated material in pre-existing tailings storage facilities, capping tailings and waste rock stockpiles with clean topsoil, and collecting and treating any contaminated mine water if necessary.
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