DGAP-News: ADC further streamlines its portfolio with the successful exit of its non-core investment in BANGE yielding high returns++The bank was sold for EUR 9.0 million to co-shareholders++A gross IRR of 34% and a 3.4x multiple was realized
(firmenpresse) - DGAP-News: ADC African Development Corporation GmbH&Co. KGaA / Key
word(s): Disposal
ADC further streamlines its portfolio with the successful exit of its
non-core investment in BANGE yielding high returns++The bank was sold
for EUR 9.0 million to co-shareholders++A gross IRR of 34% and a 3.4x
multiple was realized
15.05.2013 / 16:39
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ADC announces a successful exit from its 25% shareholding in Banco Nacional
de Guinea Ecuatorial (BANGE) to co-shareholders in the bank.
ADC acquired its stake in BANGE in December 2008 for EUR 2.7 million when
the bank faced huge losses. ADC successfully managed the turnaround of the
institution by exchanging know-how and transferring management capacity,
thereby enabling the bank to pay its first dividend in 2011. At the
beginning of 2012, ADC refined its strategy to focus on larger countries
with controlling stakes in its banking operations. After a 4-year
investment period, ADC handed the management of the bank to a local CEO and
started preparations for its exit. Negotiations successfully concluded with
co-shareholders of the bank who paid a purchase price of EUR 9.0 million.
Inclusive of dividend payments, a total gain on the invested capital of EUR
6.6 million was realized, reflecting a gross IRR of 34% and a total value
to paid in multiple of 3.4x.
Dirk Harbecke, CEO of ADC commented: 'As the opportunity to acquire a
majority stake in BANGE did not materialize, we decided to sell the bank at
this time, yielding high returns. We are very proud to have successfully
exited this investment by realizing an IRR that exceeds ADC's return
targets. With the sale, ADC has proven the success of its active management
and value creation approach. With the sales proceeds, we have now acquired
additional means to finance the expansion of our core banking operations,
which will be our key focus this year.'
About ADC
ADC African Development Corporation (ADC) (ISIN: DE000A1E8NW9; Bloomberg:
AZC.GR, www.african-development.com), is a German Prime Standard (Main
Board) listed, emerging pan-African banking group. ADC has a strong
footprint in Southern Africa via BancABC, a regional commercial banking
platform operating in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe
as well as in West Africa via Union Bank of Nigeria. Parallel to its
banking operations, ADC has a private equity portfolio active in growth
markets across sub-Saharan Africa. ADC follows an active management
approach with a team of experts that comprise operational banking
management, investment banking and merchant banking expertise. ADC
optimizes its risk-return profile through a political risk insurance
solution offered by the MIGA (World Bank Group).
Contact:
Investor Relations
investor-relations(at)african-development.com
T +49 69 719 12 80 119
End of Corporate News
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15.05.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News andPress Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: ADC African Development Corporation GmbH&Co. KGaA
Grüneburgweg 18
60322 Frankfurt/Main
Germany
Phone: +49 69 719 12 80 119
Fax: +49 69 719 12 80 999
E-mail: info(at)african-development.com
Internet: www.african-development.com
ISIN: DE000A1E8NW9
WKN: A1E8NW
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf
End of News DGAP News-Service
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211309 15.05.2013
Themen in dieser Pressemitteilung:
adc-further-streamlines-its-portfolio-with-the-successful-exit-of-its-non
core-investment-in-bange-yielding-high-returns-the-bank-was-sold-for-eur-9-0-million-to-co
shareholders-a-gross-irr-of-34-and-a-3-4x-multiple-was-realized
Unternehmensinformation / Kurzprofil:
Datum: 15.05.2013 - 16:39 Uhr
Sprache: Deutsch
News-ID 260398
Anzahl Zeichen: 5323
contact information:
Kategorie:
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