TymeBank to break into Asian market in ambitious expansion drive
The Philippines’s JG Summit Holdings conglomerate and UK private equity outfit Apis Partners take stakes in Tyme Global
23 February 2021 - 08:50
In a move that will allow TymeBank to extend its offering at home and start cross-border expansion, Patrice Motsepe’s bank has raised R1.6bn in a capital raising that ties him up with one of the biggest conglomerates in the Philippines.
Under the deal, announced on Tuesday, African Rainbow Capital Investments, an investment outfit controlled by Motsepe, will dilute its stake in TymeBank’s holding company from 80% to 60%, allowing the Philippines’s JG Summit Holdings conglomerate to take a 5.13% stake...
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