Afribank Plc: Cautionary Announcement
April 5, 2011
The Bank has notified The Exchange that further to its December 10, 2010 announcement vides our Market Bulletin Ref: ISD/12/09/010, The Board of Directors of the Bank has signed a Memorandum of Understanding (MOU) with a potential core investor -Vine Capital Partners Limited and Phoenix Acquisition Company Limited.
Vine Capital Partners is an emerging markets private equity firm, with an interest in Banking and Financial Services in Sub-Saharan Africa. The Vine Capital Consortium is made up of local and International firms.
The process will be subject to the approval of the Shareholders and the Bank’s regulatory bodies.
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