* Update on the sale of operations in Uganda and sale of 100% of its stake in MBC Malawi
* Settling of all group debt and creditors
* Update on the delisting from the Frankfurt Stock Exchange and issue notice for shareholders to vote at an EGM to effect the delisting
Sale of operations in Uganda and MBC Malawi
Frankfurt-listed group MyBucks S.A. ("the Company") today announced that disposal of the Company's 49% shareholding in Opportunity Bank Uganda Limited ("OBUL") as settlement of approximately EUR 9 million of debt to TLG Credit Opportunities Fund is progressing as planned. The transaction is subject to the Bank of Uganda having approved the sale and the Buyer becoming a shareholder in the OBUL. The transaction is expected be consummated as soon as the Bank of Uganda has approved the transaction.
The Company entered into a sale agreement for the disposal of 25% of its shareholding in MyBucks Banking Corporation Limited (MBC Malawi) as settlement of approximately EUR8 million of debt to Infinitum Limited and Solanum GmbH. In addition, the Company has received a non-binding offer to acquire 100% of the equity of MBC Malawi. The additional disposal will allow the Company to further settle outstanding amounts as well as ensure compliance with regulations prescribed by the Reserve Bank of Malawi.
With this in mind, The Company has agreed on the disposal of all of its shareholding in MBC Malawi for a minimum price that is acceptable to the Company. The transaction is subject to the standard approvals including the Reserve Bank of Malawi having approved the sale in MBC Malawi and to the Buyer who is a well-regarded international financial services group becoming a shareholder in the MBC Malawi. The transaction is expected be fully consummated by 31 March 2021.
Settling of all group debt and creditors
Following receipt of the proceeds from the sale of MBC Malawi, all debts and creditors of MyBucks SA will be settled.
Directors voted unanimously to delist from the Frankfurt Stock Exchange and issue notice for shareholders to vote at an EGM to effect the delisting
Shareholders are advised that the Company's Board of Directors proposes that MyBucks delists from the Frankfurt Stock Exchange. The conclusion of the Debt Restructuring process which has now been substantially completed, places the Company in a position where the regulatory compliance and operational and listing costs as part of being listed on the Frankfurt Stock Exchange and is not justified. The delisting is conditional upon the approval of shareholders by means of an EGM. Notice is hereby given that a General Meeting ("EGM") of Shareholders will be held on at 10am CET on 27th November 2020 entirely via a remote interactive electronic platform, namely Zoom, to consider the resolutions necessary to approve the delisting. A detailed announcement is available on the Company web-site.