Posted by African Press International on December 19, 2008
Reports Leo Odera Omolo
AFRICA’S largest micro-financier Blue Financial Services has acquired its rival firm in South Africa.
The firm, which started operating in Kenya last year, bought Credit U of 280 million Rands{Kshs 2 billion} in a move that will further solidify its market presence in that country.
Trade in Credit U shares was consequently suspended at the Johanesburg Stock Exchange on December 8th and the company’s listing terminated this week.
The acquisition deal of the listed entity was announced in August and concuded this week.
The groups Chief Executive Officer Dar Van Niekerk was widely quoted by the Kenya Press as having said that the conclusion of the deal has paved the way cross listing of the firm in Namibia and Zambia .
Blue Financial Services has set up operations in 12 countries within the African continent and its acquisition of Credit U has increased branches to 300 with over 3,000 staff across the continent.
The company recently announced USD 70 million {Kshs 19 million loan facility frtom the Overseas Private Investment Corporation.
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