Atlas Mara Ltd. expects to delist from the London Stock Exchange on Nov. 24 to become a privately held company.
The sub-Saharan African financial services company in a statement says it has applied for a voluntary delisting following a requirement by its creditors.
“The Delisting will allow the Company to save costs, reduce its administrative and regulatory burden, operate as a leaner platform, and provide the flexibility to pursue other options,” it said.
In July, Atlas Mara had said that it would consider taking steps to cancel the listing since it didn’t generate enough benefit to the company.
Atlas Mara has also announced its intention to merge its subsidiary in Zambia – Atlas Mara Zambia – with Access Bank Plc.
The merger of Atlas Mara Zambia with Access Bank Zambia is expected to augment our presence in Zambia and the broader COMESA region, Africa’s largest free trade area,” group managing director/chief executive officer of Access Bank Plc, Mr Herbert Wigwe says.
The merger is expected to be concluded in 2022, subject to fulfilment of conditions precedent including regulatory approvals in Nigeria and Zambia.