{"id":42210,"date":"2021-12-02T14:44:02","date_gmt":"2021-12-02T14:44:02","guid":{"rendered":"https:\/\/www.africa-press.net\/tanzania\/?p=42210"},"modified":"2021-12-02T14:12:10","modified_gmt":"2021-12-02T14:12:10","slug":"kcb-terminates-share-agreement-with-abc-bank","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/tanzania\/all-news\/kcb-terminates-share-agreement-with-abc-bank","title":{"rendered":"KCB terminates share agreement with ABC Bank"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Tanzania. <\/strong><\/span>KCB Group PLC has announced the termination of its shares purchase agreement with the ABC Holdings Limited (\u201cABCH\u201d) for the proposed acquisition of African Banking Corporation Tanzania Limited (\u201cABC Tanzania\u201d) for allegedly failure to adhere to deadlines and other conditions.<\/p>\n<p>A statement released Thursday by the KCB\u2019s Group Company Secretary, Bonnie Okumu charged that the ABC Holding Limited failed to abide by the completion of transactions subject to certain conditions that were customary for transactions of the nature, including receipt of all regulatory approvals.<\/p>\n<p>On the 26 of November, according to Ms Bonnie, KCB announced that it had entered into a share purchase agreement [\u201cAgreement\u201d] with, among others, ABC Holdings Limited (\u201cABCH\u201d) for the proposed acquisition of African Banking Corporation Tanzania Limited (\u201cABC Tanzania\u201d), a commercial bank established and operating in Tanzania.<\/p>\n<p>\u201cAs of the date hereof, certain regulatory approvals have not been received within the prescribed timeframe specified in the Agreement,\u201d the statement said and added: \u201cAs a result, without further agreement by the parties to extend the long stop date, the agreement has been terminated and accordingly, the parties will not proceed to complete the transaction as previously envisaged.\u201d Ms Bonnie said<\/p>\n<p>However, she said that despite the circumstances, KCB will continue exploring and pursuing attractive regional expansion opportunities in order to enhance their regional participation, accelerate their growth and maintain sustainable long-term African success in line with their expansion and growth strategy.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/tanzania\">Tanzania<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Tanzania. KCB Group PLC has announced the termination of its shares purchase agreement with the ABC Holdings Limited (\u201cABCH\u201d) for the proposed acquisition of African Banking Corporation Tanzania Limited (\u201cABC Tanzania\u201d) for allegedly failure to adhere to deadlines and other conditions. A statement released Thursday by the KCB\u2019s Group Company Secretary, Bonnie Okumu [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":42209,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[6990,6991,711],"class_list":["post-42210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press-2","tag-africa-press-tanzania","tag-tanzania"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>KCB terminates share agreement with ABC Bank - Tanzania<\/title>\n<meta name=\"description\" content=\"KCB Group PLC has announced the termination of its shares purchase agreement with the ABC Holdings Limited (\u201cABCH\u201d) for ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/kcb-terminates-share-agreement-with-abc-bank\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KCB terminates share agreement with ABC Bank\" \/>\n<meta property=\"og:description\" content=\"KCB Group PLC has announced the termination of its shares purchase agreement with the ABC Holdings Limited (\u201cABCH\u201d) for ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/tanzania\/all-news\/kcb-terminates-share-agreement-with-abc-bank\" \/>\n<meta property=\"og:site_name\" content=\"Tanzania\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-02T14:44:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/12\/img-61a8d426863e5.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"352\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/kcb-terminates-share-agreement-with-abc-bank#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/kcb-terminates-share-agreement-with-abc-bank\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"KCB terminates share agreement with ABC Bank\",\"datePublished\":\"2021-12-02T14:44:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/kcb-terminates-share-agreement-with-abc-bank\"},\"wordCount\":254,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/kcb-terminates-share-agreement-with-abc-bank#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/tanzania\/sites\/17\/2021\/12\/img-61a8d426863e5.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Tanzania\",\"tanzania\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/tanzania\/all-news\/kcb-terminates-share-agreement-with-abc-bank#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/kcb-terminates-share-agreement-with-abc-bank\",\"url\":\"https:\/\/www.africa-press.net\/tanzania\/all-news\/kcb-terminates-share-agreement-with-abc-bank\",\"name\":\"KCB terminates share agreement with ABC Bank - 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