African Phoenix and Zarclear call off merger talks
African Phoenix called off a proposed merger after consulting with shareholders, but still plans to delist from the JSE
28 February 2020 - 12:42
Investment holding company African Phoenix Investments (API), which rose out of the ashes of African Bank, said on Friday that it has terminated merger talks with financial services group Zarclear by mutual agreement.
API said that while there were strong operational and capital market benefits to the merger, it had instead decided to proceed with delisting from the JSE, after engaging with its shareholders...
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