Further to the cautionary announcement issued by the Board of Directors of SBM Holdings Ltd (SBMH) on 09 October 2017 wherein SBMH informed the public and shareholders that a non-binding agreement had been reached with the Central Bank of Kenya (CBK) and the Kenya Deposit Insurance Corporation (KDIC) for the acquisition of the carved out assets and liabilities of Chase Bank (Kenya) Limited (In Receivership), the Board of SBMH now wishes to inform its shareholders and the public in general that the CBK and KDIC have agreed to the express terms of a binding offer from SBMH whereby SBMH, through its subsidiary, SBM Bank (Kenya) Limited, will acquire the carved out assets and liabilities of Chase Bank (Kenya) Limited (In Receivership). The proposed transaction is in line with SBMH’s expansion strategy into East Africa and is subject to satisfactory completion of the proposed transaction as well as regulatory and other approvals.
The proposed transaction is a notifiable transaction under Chapter 13 of the Stock Exchange of Mauritius Listing Rules.
Shareholders and the investing public are advised to exercise caution when dealing in the shares of SBMH and will be kept informed of further developments in respect of the proposed transaction.
By order of the Board
05 January 2018
This Cautionary Announcement is issued pursuant to Listing Rule 11.3
The Board of Directors of SBM Holdings Ltd accepts full responsibility for the accuracy of the information contained in this Cautionary Announcement.