Letshego Africa seeks shareholder approval for $62.7 million sale of East and West African subsidiaries
via Mmegi1 min read
Pan-African microlender Letshego Africa has scheduled an Annual General Meeting for June 19 to consider a $62.7 million P840 million deal to sell its East and West African subsidiaries to Axian Digital Venture Holding and Management Limited. The sale includes Letshego Ghana Savings and Loans PLC, Letshego Faidika Bank Tanzania Limited, Letshego Microfinance Bank Nigeria Limited, Letshego Rwanda Limited, and Letshego Uganda Limited. These assets collectively reported a loss of P519.5 million in Letshego's latest financials, an increase from a P154.8 million loss in the previous period. The combined market value of these assets is P823.9 million, and the deal will be executed at a P281.1 million discount to the group. Letshego has faced challenging trading conditions in these regions due to macroeconomic pressures, foreign exchange volatility, inflation, increased credit impairments, and regulatory changes, which have led to losses. Following the sale, Letshego plans to concentrate on its operations in Botswana, Namibia, Mozambique, Lesotho, Eswatini, and Kenya.
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Mmegi.
The Botswana Congress Party BCP is experiencing significant internal divisions as it prepares for its elective conference. Once known for calm internal contests, the main opposition party is now marked by open factional battles and public campaigning by rival teams, raising concerns about unity before the 2029 General Election. The conference will elect new national leadership, with members appearing more divided than in the past. The BCP's tradition of avoiding personal attacks during internal elections has eroded due to open rivalry, with competing camps mobilizing support through organized teams, public meetings, and media engagements. Appeals from senior party leaders for issue-based campaigns have had little impact, as campaign rhetoric has intensified. A key contest is for the vice president position, where incumbent Taolo Lucas is defending his role against Member of Parliament Unity Dow. Dow's supporters, campaigning under the slogan "Re Motia," advocate for fresh leadership to reposition the BCP for the 2029 national polls, believing new faces will attract voters and strengthen electoral prospects.
The three affiliates of the Umbrella for Democratic Change UDC – the Botswana National Front BNF, Alliance for Progressives AP, and Botswana People’s Party BPP – are planning to hold policy forums during the President’s Day holidays. These gatherings aim to align their priorities with the governing coalition and identify areas for reform. The UDC-led government has indicated its intention to review laws and regulations that hinder economic growth and public service delivery. UDC president Duma Boko has previously stated that some outdated laws discourage investment, making Botswana less attractive to investors, and that reviewing these laws is crucial for economic development.
The article provided is a 404 error page, indicating that the content for "Botswana all but seal Billy Jean King Cup promotion" does not exist. It offers navigation to the homepage, subscription options, and links to Mmegi Online's social media and contact information. Mmegi is described as a leading independent source for news, current affairs, politics, business, sport, analysis, and entertainment in Botswana.