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ABKI ABLI - Shareholder approval for the implementation of the ABHL’s Employee Share Ownership Scheme
African Bank Limited
(Incorporated in the Republic of South Africa)
(Registered Bank)
(Registration No. 2014/176899/06)
Company code: ABKI
LEI: 2549008X8SL1B1J86F98
(the "Bank" or "African Bank")
African Bank Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration No.: 2014/176855/06)
Company code: ABLI
LEI: 254900UUEMIK0XL5A056
("ABHL")
Shareholder approval for the implementation of the ABHL's Employee Share Ownership
Scheme
On 21 November 2023, African Bank announced that preparations for an Initial Public Offering
("IPO") had commenced. The first phase of these preparations entailed the design and development
of an Employee Share Ownership Scheme ("ESOS"), the development of a management scheme,
and the sourcing of appropriate strategically aligned partners.
In anticipation of the IPO, the Bank intends to implement a broad-based ESOS. The purpose of the
ESOS is to align employee and shareholder interests, allowing employees to participate in the value
created post the IPO and to support the attraction and retention initiatives of the Bank. The share
trust would hold no more than 10% of the ordinary shareholding of ABHL post the issue of shares
and each eligible employee will receive an equal allocation.
At the extra-ordinary general meeting held on 26 March 2024, shareholders voted in favour of the
necessary resolutions to implement the ESOS. Further details of the Scheme will be made available
in the half year results to be released in May 2024.
Commenting on the creation of the ESOS, African Bank's Chief Executive Officer, Kennedy G
Bungane stated: "We are on the cusp of a significant milestone, one that honours the rich heritage
of African Bank. We look forward to the moment where our bank for the people, by the people,
serving the people, will one day also be owned by the people. Our broad-based employee share
ownership scheme is a stepping stone in achieving that vision and will ensure that the people have
a say in the Bank that was created for them. It represents another important step in our Excelerate25
strategic journey as we continue building a customer centric, data and digitally enabled diversified
business that is scalable and sustainable."
27 March 2024
Debt sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Legal advisors: TGR Attorneys Incorporated
Transactional advisors: Tamela Capital Proprietary Limited
Moshe Capital Proprietary Limited
Oxford Partners
Date: 27-03-2024 08:51:00
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