Equity Group Holdings CEO James Mwangi (PHOTO: FILE)The Equity Group Holdings has inked a better deal with a Congolese bank reducing consideration from the previous Sh11.2 billion (USD 105m) to Sh10.1 billion (USD 95 million). The group on Tuesday said the deal has met all the necessary approvals and the acquisition was completed on August 7. Following the completion of the acquisition, Equity now owns 66.53 per cent of the issued share capital of Banque Commerciale du Congo (BCDC) making the lender it's subsidiary. Equity ended the negotiations to focus on its customers currently faced with uncertainties resulting from the coronavirus pandemic. Dr. James Mwangi, Managing Director of Equity Group Holdings, said the decision to pull out was in part informed by the unfolding Covid19 global pandemic.

Source: Standard Digital August 11, 2020 09:41 UTC