Latest news with #BosquetInvestments
IOL News
3 days ago
- Business
- IOL News
Nedbank sells R1. 8bn Ecobank stake to Bosquet Investments
Nedbank announced that it has reached an agreement to sell its 21.2% shareholding in Ecobank Transnational Incorporated (ETI) to Bosquet Investments for a purchase consideration of $100 million (R1.8 billion). Bosquet Investments is the private investment vehicle of Alain Nkontchou, the managing partner and co-founder of Enko Capital Management. This follows the bank's strategic review of the group's financial investment ETI, which as from June 30, 2025, was classified as non-current asset held for sale in terms of IFRS 5. Nedbank Group CEO Jason Quinn said the bank was pleased to have reached this milestone following the board's approval to dispose of the asset. He said, 'Nedbank's decision to sell its ETI investment follows a detailed evaluation of the strategic alignment, financial performance, and long-term value proposition of the investment and is consistent with Nedbank's ongoing efforts to optimise its capital allocation and focus on core growth areas. This marks the conclusion of a significant chapter in Nedbank's journey with ETI spanning many years. "We wish to express our gratitude for the professionalism and integrity with which the board of directors of ETI has consistently conducted its affairs, and for the constructive engagement that has underpinned our relationship. The ETI board's stewardship has played a pivotal role in navigating ETI through complex environments and in advancing its pan-African mandate.' Quinn said the sale represents a reset of Nedbank's strategy on the rest of the African continent with a clear focus on the SADC and East Africa regions in businesses Nedbank owns and controls, and areas where it can play to our strengths. The proposed disposal is subject to the receipt of the requisite regulatory approvals in the relevant jurisdictions only. There are no other conditions precedent. Bosquet Investments has provided appropriate security to evidence the funding for the purchase consideration. It is currently expected that the proposed disposal will be implemented in the fourth quarter of 2025.
Reuters
4 days ago
- Business
- Reuters
Nedbank sells $100 million Ecobank stake to financier Nkontchou's Bosquet Investments
JOHANNESBURG, Aug 15 (Reuters) - South Africa's Nedbank Group (NEDJ.J), opens new tab has agreed to sell its 21.2% stake in pan-African lender Ecobank ( opens new tab to the private investment vehicle of financier Alain Nkontchou for $100 million, it said on Friday. Nedbank said this month that it wanted to sell the stake, citing regulatory uncertainties, potential higher capital requirements and plans to focus on Southern and East Africa. Ecobank's operations in Central and West Africa are exposed to some economies that have been pressured by unfavourable currency swings since Nedbank bought the stake in 2014. Nedbank's statement on Friday said that it had signed a sale and purchase agreement with Bosquet Investments Limited, Nkontchou's investment vehicle, on Wednesday and the disposal was expected to complete in the fourth quarter of this year. Ecobank's chief executive told Reuters this month that Nedbank's decision to divest had nothing to do with Ecobank's performance and would not affect its long-term growth plans. "This transition opens the door for a new shareholder and board members who can potentially bring fresh perspectives and support to our strategy," said CEO Jeremy Awori. Regulatory approvals are still needed for the sale to proceed, but there are no other conditions for the deal, Nedbank said.
