African Phoenix Investments (API), the company that emerged when African Bank Investment Limited (Abil) came out of business rescue, says it plans to fast-track the repurchase of preference shares after an investor delayed the transaction.

API’s plan was to pay R507m for the 13.5-million preference shares issued by African Bank in the years leading up to its collapse in 2014.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now