Kunoch Buys Diamond Bank Stake From Actis, CDC GroupEmele Onu
Kunoch Holdings, a private-equity firm, completed the purchase of a Diamond Bank Plc 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.