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IFC Takes Equity in ABC

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HARARE – The International Finance Corporation (IFC) has become a significant shareholder in Botswana-registered ABC Holdings, a regional banking group with its roots in Zimbabwe.
ABC Holdings, which owns BancABC in Zimbabwe, announced in a statement that IFC had converted a substantial loan which it gave the bank in 2007 into ordinary shares in the company.
It said by resolution of its board of directors’ meeting on May 6, 2013, ABC Holdings had allotted 24 080 230 shares to IFC in conversion of the loan of BWP78 019 945,66, plus accrued interest.  (BWP is Botswana Pula, the Botswana currency).
“Incoming new ordinary shares have the same rights as to distribution of profits and assets and rank, pari passu, with each existing ordinary share in the company.   Each new ordinary share and each existing ordinary share have the right to one vote per share,” says the ABC statement.
The conversion price of each ordinary share is BWP3.24 per share.   Zimbabwean Douglas Munatsi is ABC’s group CEO.

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