Saturday, May 15, 2021

BancABC delists shares from BSE

The Board of ABC Holdings Limited has publicly announced that shares in ABC Holdings will be delisted and removed from trading on the Botswana Stock Exchange (BSE), with effect from the 30 January, 2015.

The bank further said that with effect from the 30 January, 2015, the shares will cease to be listed on the official list of the BSE, adding that as of the 26th January, 2015, ABC Holdings Limited Shareholders will no longer be able to trade their shares on the BSE.

BancABC stated that the final settlement date is 29 January, 2015. Regarding the delisting timetable, application was made to the BSE for the shares to be removed from the official list, and to the BSE for the shares to be removed from trading.

It is said that BSE approved the application adding that the last day of dealings in the shares on the BSE is 26th January, 2015, and also that the final settlement date is 29th January, 2015. BancABC further announced that the cancellation of the listing and of trading in the Shares on the BSE is expected to take effect 30th January, 2015.

The immediate past directors of pan African bank, BancABC, Doug Munatsi, Group Chief Executive, Beki Moyo, Group Chief Financial Officer as well as Chief Operational Officer, Francis Dzanya have reportedly agreed to sell their shares to the owners, Atlas Mara.

“Atlas Mara’s shareholder base is comprised primarily of “blue chip” institutional investors and the Company was particularly pleased by the high level of participation in the private placement by substantially all of its IPO investors,” said Munatsi at the time.

Last week the bank also announced that pending the obtaining the regulatory approval, the bank proposed Dr Blessing Mudavanhu as acting Group CEO and Wallace Siakachoma as acting Chief Financial Officer.

Led and formed by Atlas Mara Bob Diamond, founder of Atlas Merchant Capital LLC and Ashish Thakkar, founder of Mara Group Holdings Limited, it was listed on the main market of the London Stock Exchange in December, 2013.

Beginning of 2014 BSE issued a draft for public interaction and comments on the new listing requirements this week. Led by CEO Hiran Mendis, BSE processed and reviewed amending listing rules for new requirements which will be structured in a simpler way, thus making them easier to read and understand.

Information contained in the BSE listing requirement draft indicate that general principles of the listing requirements include that the applicants shall have a minimum standard of quality, operations, management experience and expertise.

According to the BSE draft, the listing requirements contain principles and procedures governing new applications, corporate actions and continuing obligations applicable to issuers.

It added that they are furthermore aimed at ensuring that the business of the BSE is carried on with due regard to the public interest. It further pointed out that the Exchange may at any time vary a decision in any way, or revoke it if circumstances so warrant.

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