DGAP-News: ADC further streamlines its private equity portfolio ++ ADC successfully sells RSwitch to Millicom

ADC further streamlines its private equity portfolio ++ ADC successfully sells RSwitch to Millicom

DGAP-News: ADC African Development Corporation AG / Schlagwort(e):

Verkauf

ADC further streamlines its private equity portfolio ++ ADC

successfully sells RSwitch to Millicom

02.06.2014 / 10:52

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ADC African Development Corporation AG (ADC); ISIN DE000A1E8NW9, announces

the sale of RSwitch, the national e-payment switch of Rwanda, to Millicom

(Stockholmsbörsen: MIC) - a digital services provider operating under the

Tigo brand in 15 markets in Africa and Latin America, on the basis of an

enterprise valuation of USD 6.5 million.

ADC acquired a majority stake of RSwitch in June 2008 and has worked with

local staff over the years to transform the company from a national switch

that was struggling to provide adequate services to Rwandan banks and

financial services companies into an electronic payment service provider

operating internationally with global standards.

At the beginning of 2013, ADC refined its strategy to focus entirely on

banking sector activities in order to create a pan-African banking group on

a large enough scale to compete with existing players. The sale of RSwitch

to Millicom furthers ADC's strategic vision and will help to support the

development of products and services offered by the Rwandan payments

provider to its clients nationally and abroad.

Millicom is currently active in Rwanda as the second largest mobile service

provider in the country operating under the Tigo brand with over two

million customers, including over 780,000 Tigo Cash users and has recently

opened a tech incubator in the capital, Kigali, to develop new digital

solutions for Africa.

Dirk Harbecke, CEO of ADC comments: "The sale of RSwitch to Millicom, a

global leader in digital services, is a testament to the success achieved

by ADC and local staff over the years to build a stable company with the

capacity to deliver e-payment services to domestic and international

clients both reliably and efficiently. Under the leadership of its CEO

Konde Bugingo, RSwitch achieved a turn-around of the business and

successfully recorded the first profit in its history in the 2013 financial

year. The company will benefit further from Millicom's experience and

presence in countries around the world and we welcome the new partnership."

About ADC

ADC African Development Corporation AG (ADC) (ISIN: DE000A1E8NW9;

Bloomberg: AZC.GR, www.african-development.com), is a German listed,

emerging pan-African banking group. ADC has a strong footprint in Southern

Africa via BancABC, a regional commercial banking platform operating in

Botswana, Mozambique, Tanzania, Zambia and Zimbabwe as well as exposure to

West Africa via Union Bank of Nigeria. In addition to its banking

operations, ADC has a private equity portfolio active in growth markets

across sub-Saharan Africa. ADC follows an active management approach with a

team of experts that comprise operational banking management, investment

banking and merchant banking expertise.

Kontakt:

Investor Relations

investor-relations@african-development.com

T +49 69 719 12 80 119

Ende der Corporate News

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02.06.2014 Veröffentlichung einer Corporate News/Finanznachricht,

übermittelt durch die DGAP - ein Unternehmen der EQS Group AG.

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verantwortlich.

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Sprache: Deutsch

Unternehmen: ADC African Development Corporation AG

Grüneburgweg 18

60322 Frankfurt/Main

Deutschland

Telefon: +49 69 719 12 80 119

Fax: +49 69 719 12 80 115

E-Mail: info@african-development.com

Internet: www.african-development.com

ISIN: DE000A1E8NW9

WKN: A1E8NW

Börsen: Freiverkehr in Berlin, Düsseldorf; Frankfurt in Open

Market (Entry Standard)

Ende der Mitteilung DGAP News-Service

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