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ADC further streamlines its private equity portfolio ++ ADC successfully sells RSwitch to Millicom
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0 KommentareDGAP-News: ADC African Development Corporation AG / Key word(s):
Disposal
ADC further streamlines its private equity portfolio ++ ADC
successfully sells RSwitch to Millicom
02.06.2014 / 10:52
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ADC African Development Corporation AG (ADC); ISIN DE000A1E8NW9, announces
the sale of RSwitch, the national e-payment switch of Rwanda, to Millicom
(Stockholmsbörsen: MIC) - a digital services provider operating under the
Tigo brand in 15 markets in Africa and Latin America, on the basis of an
enterprise valuation of USD 6.5 million.
ADC acquired a majority stake of RSwitch in June 2008 and has worked with
local staff over the years to transform the company from a national switch
that was struggling to provide adequate services to Rwandan banks and
financial services companies into an electronic payment service provider
operating internationally with global standards.
At the beginning of 2013, ADC refined its strategy to focus entirely on
banking sector activities in order to create a pan-African banking group on
a large enough scale to compete with existing players. The sale of RSwitch
to Millicom furthers ADC's strategic vision and will help to support the
development of products and services offered by the Rwandan payments
provider to its clients nationally and abroad.
Millicom is currently active in Rwanda as the second largest mobile service
provider in the country operating under the Tigo brand with over two
million customers, including over 780,000 Tigo Cash users and has recently
opened a tech incubator in the capital, Kigali, to develop new digital
solutions for Africa.
Dirk Harbecke, CEO of ADC comments: "The sale of RSwitch to Millicom, a
global leader in digital services, is a testament to the success achieved
by ADC and local staff over the years to build a stable company with the
capacity to deliver e-payment services to domestic and international
clients both reliably and efficiently. Under the leadership of its CEO
Konde Bugingo, RSwitch achieved a turn-around of the business and
successfully recorded the first profit in its history in the 2013 financial
year. The company will benefit further from Millicom's experience and
presence in countries around the world and we welcome the new partnership."
About ADC
ADC African Development Corporation AG (ADC) (ISIN: DE000A1E8NW9;
Bloomberg: AZC.GR, www.african-development.com), is a German 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 exposure to
West Africa via Union Bank of Nigeria. In addition 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.
Contact:
Investor Relations
investor-relations@african-development.com
T +49 69 719 12 80 119
End of Corporate News
---------------------------------------------------------------------
02.06.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: ADC African Development Corporation AG
Grüneburgweg 18
60322 Frankfurt/Main
Germany
Phone: +49 69 719 12 80 119
Fax: +49 69 719 12 80 115
E-mail: info@african-development.com
Internet: www.african-development.com
ISIN: DE000A1E8NW9
WKN: A1E8NW
Listed: Freiverkehr in Berlin, Düsseldorf; Frankfurt in Open
Market (Entry Standard)
End of News DGAP News-Service
---------------------------------------------------------------------
271578 02.06.2014
ADC African Development Corporation AG (ADC); ISIN DE000A1E8NW9, announces
the sale of RSwitch, the national e-payment switch of Rwanda, to Millicom
(Stockholmsbörsen: MIC) - a digital services provider operating under the
Tigo brand in 15 markets in Africa and Latin America, on the basis of an
enterprise valuation of USD 6.5 million.
ADC acquired a majority stake of RSwitch in June 2008 and has worked with
local staff over the years to transform the company from a national switch
that was struggling to provide adequate services to Rwandan banks and
financial services companies into an electronic payment service provider
operating internationally with global standards.
At the beginning of 2013, ADC refined its strategy to focus entirely on
banking sector activities in order to create a pan-African banking group on
a large enough scale to compete with existing players. The sale of RSwitch
to Millicom furthers ADC's strategic vision and will help to support the
development of products and services offered by the Rwandan payments
provider to its clients nationally and abroad.
Millicom is currently active in Rwanda as the second largest mobile service
provider in the country operating under the Tigo brand with over two
million customers, including over 780,000 Tigo Cash users and has recently
opened a tech incubator in the capital, Kigali, to develop new digital
solutions for Africa.
Dirk Harbecke, CEO of ADC comments: "The sale of RSwitch to Millicom, a
global leader in digital services, is a testament to the success achieved
by ADC and local staff over the years to build a stable company with the
capacity to deliver e-payment services to domestic and international
clients both reliably and efficiently. Under the leadership of its CEO
Konde Bugingo, RSwitch achieved a turn-around of the business and
successfully recorded the first profit in its history in the 2013 financial
year. The company will benefit further from Millicom's experience and
presence in countries around the world and we welcome the new partnership."
About ADC
ADC African Development Corporation AG (ADC) (ISIN: DE000A1E8NW9;
Bloomberg: AZC.GR, www.african-development.com), is a German 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 exposure to
West Africa via Union Bank of Nigeria. In addition 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.
Contact:
Investor Relations
investor-relations@african-development.com
T +49 69 719 12 80 119
End of Corporate News
---------------------------------------------------------------------
02.06.2014 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: ADC African Development Corporation AG
Grüneburgweg 18
60322 Frankfurt/Main
Germany
Phone: +49 69 719 12 80 119
Fax: +49 69 719 12 80 115
E-mail: info@african-development.com
Internet: www.african-development.com
ISIN: DE000A1E8NW9
WKN: A1E8NW
Listed: Freiverkehr in Berlin, Düsseldorf; Frankfurt in Open
Market (Entry Standard)
End of News DGAP News-Service
---------------------------------------------------------------------
271578 02.06.2014
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