Kunoch Buys Diamond Bank Stake From Actis, CDC Group

Kunoch Holdings, a private-equity firm, completed the purchase of a Diamond Bank Plc (DIAMONDB) stake from Actis LLP and CDC Group Plc for an undisclosed price.

Kunoch acquired the stake by buying Actis DB Holdings Ltd., which holds 14.8 percent of Nigeria’s Diamond Bank, the lender said today in a statement. Actis is exiting the lender as its funds near the end of their investment period, according to the statement.

Diamond Bank is seeking to raise 50.4 billion naira ($311 million) in a rights offer that ends Aug. 26, part of a plan to bolster funds for infrastructure, branch expansion and lending, the lender said July 31.

Diamond Bank shares rose 1.8 percent to 6.26 naira in Lagos trading today, valuing the lender at 90.6 billion naira. The shares declined 10 percent this year compared with a 1 percent advance by the Nigerian Stock Exchange All-Share Index.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editors responsible for this story: Vernon Wessels at vwessels@bloomberg.net Elisa Martinuzzi, Cindy Roberts

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.