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.
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