Equity Group #ticker:EQTY has booked a Sh906.57 million bargain purchase gain on completion of acquisition of a majority stake in the Congolese lender, Banque Commerciale Du Congo (BCDC) in August.
The lender has disclosed the gain in its latest financial statements covering nine months to September, in which it posted a 14.5 percent fall in net profit to Sh14.8 billion. The buyout of BCDC was completed on August 7 with Equity paying $95 million (Sh10.35 billion) to acquire a 66.53 percent stake in the lender from the family of George Arthur Forrest.
