Equity completes purchase of stake in Congolese bank for Ksh.10.3 billion

Equity Group has completed the acquisition of a 66.53 per cent bank in the Commercial Bank of Congo (Banque Commerciale du Congo).

The deal which doubles on the local bank’s presence in the Democratic Republic of Congo (DRC) follows the completion of a share purchase agreement with George Arthur Forrest- the bank’s majority stakeholder.

Equity Group has revealed its payment of Ksh.10.3 billion for the controlling stake following a discount of Ksh.1.1 billion occasioned by among other factors- the COVID-19 pandemic.

“Equity Group Holdings is pleased to inform its shareholders and the public that conditions precedent to the acquisition including the receipt of corporate and regulatory approvals have been fulfilled and/or waived and the acquisition was completed on August 7,” the bank noted in a statement on Tuesday.

The Commercial Bank of Congo (BCDC) will now become a subsidiary of Equity Group.

Equity already operates in the DRC and will merge the operations of BCDC to its existing subsidiary.

Source - Citizentv.co.ke

Hivi hayo manunuzi yatasaidia kuondoa Corona Kenya?

James Mwangi is one of my role models.

That guy is super genius when it comes to financial sector.

He's grown equity bank from the bottom.

Only the sky is the limit.

Mkaruka said:

James Mwangi is one of my role models.

That guy is super genius when it comes to financial sector.

He's grown equity bank from the bottom.

Only the sky is the limit.

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Equity ya mabeberu
Unachekesha 🚮🚮🚮

Naton Jr said:

Equity ya mabeberu
Unachekesha 🚮🚮🚮

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Na wewe kanunue hisa NSE

Mkaruka said:

Na wewe kanunue hisa NSE

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😂😂😂😂 You can't own 5% out of 100% and yet you are considering yourself as owner, that's a big joke ever 🚮🚮

Naton Jr said:

Equity ya mabeberu
Unachekesha 🚮🚮🚮

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Majority of shares of Equity is owned by Kenyans.

Savimbi Jr said:

Hivi hayo manunuzi yatasaidia kuondoa Corona Kenya?

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Km vile ndege za atcl zilivyowajengea watu wa tandale ma bungalow

komora096 said:

Km vile ndege za atcl zilivyowajengea watu wa tandale ma bungalow

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Kabisa ATCL zimesaidia sana kuwajengea makazi bora na kuondoa slums.

Tony254 said:

Wacha ujinga. Majority of shares of Equity is owned by Kenyans.

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He is a troll and very inefficient one. He does not know the history of equity or safaricom. He does not know that before equity became a bank it was a building society and before that a sacco. He does not know that it was started by james mwangi current ceo, peter munga, muguku etc. They grew it into a multi million shilling building society before transforming into a bank.

They also talk about safaricom they do not know that when it started it was a department of teleposta owned by GOK, it was situated at teleposta building next to cooperative house.

Also they do not know that people start companies and once companies succeed they share the success by selling shares from the founders to other investors who want a piece of the company cake. This is the reason why their stock exchange is not developed and why Nairobi stock exchange is now the fourth largest in Africa.

Savimbi Jr said:

Kabisa ATCL zimesaidia sana kuwajengea makazi bora na kuondoa slums.

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Naona imeingia mpka akili zimehama[emoji23][emoji23]

Naton Jr said:

Equity ya mabeberu
Unachekesha 🚮🚮🚮

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Unatia huruma sana Kijana wa Tandale. This level of jealousy will make you run mad one day. You can't be this negative and venomous!

Naton Jr said:

😂😂😂😂 You can't own 5% out of 100% and yet you are considering yourself as owner, that's a big joke ever 🚮🚮

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MK254 said:

Equity Group has completed the acquisition of a 66.53 per cent bank in the Commercial Bank of Congo (Banque Commerciale du Congo).

The deal which doubles on the local bank’s presence in the Democratic Republic of Congo (DRC) follows the completion of a share purchase agreement with George Arthur Forrest- the bank’s majority stakeholder.

Equity Group has revealed its payment of Ksh.10.3 billion for the controlling stake following a discount of Ksh.1.1 billion occasioned by among other factors- the COVID-19 pandemic.

“Equity Group Holdings is pleased to inform its shareholders and the public that conditions precedent to the acquisition including the receipt of corporate and regulatory approvals have been fulfilled and/or waived and the acquisition was completed on August 7,” the bank noted in a statement on Tuesday.

The Commercial Bank of Congo (BCDC) will now become a subsidiary of Equity Group.

Equity already operates in the DRC and will merge the operations of BCDC to its existing subsidiary.

Source - Citizentv.co.ke

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Did you read that highlighted part ama unajifanya kipovu?