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Nedbank Group Ltd., the South Africa lender controlled by Old Mutual Plc (OML), plans to exercise an option it has from next month to buy a fifth of Ecobank Transnational Inc. (ETI) in a deal valued at more than $500 million.
Nedbank intends to take up its right to convert a $285 million loan made to Ecobank in 2011 into an estimated 11 percent stake, said Mike Brown, chief executive officer of the Johannesburg-based lender. A second subscription right allows Nedbank to increase its holding in Togo-based Ecobank to as much as 20 percent, he said, without giving a timeframe for the plan.
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Source: BusinessDay Newspaper
Nedbank intends to take up its right to convert a $285 million loan made to Ecobank in 2011 into an estimated 11 percent stake, said Mike Brown, chief executive officer of the Johannesburg-based lender. A second subscription right allows Nedbank to increase its holding in Togo-based Ecobank to as much as 20 percent, he said, without giving a timeframe for the plan.
Click to read more
Source: BusinessDay Newspaper
