Capital Market

Kunoch Acquires Actis 14.8% stake in Diamond Bank

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By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Private-equity firm, Kunoch Holdings has acquired Actis LLP and CDC Group Plc 14.8 percent stake in Diamond Bank Plc for an undisclosed amount, according to a statement on Thursday from the Nigerian lender.

Kunoch acquired the 14.8 percent stake by buying Actis DB Holdings Limited which is exiting the bank as its funds near the end of their investment period.

As earlier reported, Diamond Bank is seeking to raise 50.4 billion naira from its shareholders via a rights issue of  about 8.69 billion ordinary shares of 50 kobo each at N5.80 per share, the offer is expected to close  August 26, 2014.

The lenders shares declined 0.96 percent as it opened N6.26 and closed N6.20 at end of trading today on the Nigerian bourse.

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