ADC African Development Corporation AG
ADC further streamlines its private equity portfolio ++ ADC successfully sells RSwitch to Millicom
ADC African Development Corporation AG / Key word(s): Disposal 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. 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 Contact: Investor Relations investor-relations@african-development.com T +49 69 719 12 80 119 End of Corporate News 02.06.2014 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | ADC African Development Corporation AG | |
Grüneburgweg 18 | ||
60322 Frankfurt/Main | ||
Germany | ||
Phone: | +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 | |
Listed: | Freiverkehr in Berlin, Düsseldorf; Frankfurt in Open Market (Entry Standard) | |
End of News | DGAP News-Service |
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