Key Highlights:
- Atlas Mara announces completion of the sale of BancABC Mozambique to Access Bank.
- The Company announces that it has made significant progress with participating creditors on key commercial terms of a comprehensive debt restructuring for the Company and ABCH. The parties have further agreed to an extension of the Standstill Agreement to May 31 to finalize discussions and binding legal documentation.
TORTOLA, BVI / ACCESSWIRE / May 19, 2021 / Atlas Mara Limited ("Atlas Mara" or the "Company" and including its subsidiaries, the "Group"), the sub-Saharan African financial services group, hereby provides an update on its strategic review and developments in its discussions with bilateral lenders and certain principal holders of the Group's convertible bonds due 31 December 2020.
The Company remains focused on executing the divestiture and partnership transactions identified in its strategic review to maximize value for its stakeholders. Today the Company is pleased to announce that having secured the necessary regulatory approvals and consents and closed on the agreed conditions, the transaction for the sale of its subsidiary in Mozambique was completed, with Access Bank Mozambique having assumed ownership and control for the operations of BancABC Mozambique effective on May 17, 2021.
Regarding the other previously announced transactions, Atlas Mara is making considerable progress on approvals and closing conditions, and will provide further updates to the market as appropriate.
Further to the Company's announcement on 5 May 2021 in respect of its ongoing Restructuring Discussions, the Company and ABC Holdings Limited ("ABCH") have made significant progress with key creditors in respect of the key commercial terms and legal documentation governing the Restructuring (the "Support Agreement"). In order to allow time to finalise these discussions, and the Support Agreement, the Company and the creditors of the Company and ABCH who have entered into the Standstill Agreement have agreed to a further technical extension of the Standstill Agreement until 31 May 2021.
In addition to the above, the Company will continue to engage with those creditors which have not signed up to the Standstill Agreement or agreed to participate in the ongoing Restructuring Discussions in order to encourage them to do so.
These matters relate to the holding companies only and exclude facilities of the Group's operating companies.
Contact Details:
Investors
Kojo Dufu, +1 212 883 4330
Media
Apella Advisors, +44(0) 7818 036 579
Anthony Silverman
About Atlas Mara
Atlas Mara Limited (LON: ATMA) is a financial institution listed on the London Stock Exchange. Atlas Mara aims to be a positive disruptive force in the markets in which we operate by leveraging technology to provide innovative and differentiated product offerings, deliver excellent customer service and accelerate financial inclusion. For more information, visit www.atlasmara.com.
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SOURCE: Atlas Mara
View source version on accesswire.com:
https://www.accesswire.com/648101/Atlas-Mara-Limited-Announces-Restructuring-Discussions-and-Strategic-Review
