• External debt reduced by c. EUR26.5m through effective sale of operations in Botswana and disposal of equity stakes in Mozambique and Zambia

  • Malawian balance sheet strengthened through introduction of a local partner with parallel c. EUR6m liquidity unlocked for further debt reduction

  • Residual debt reduced to est. c. EUR25m from c. EUR108m as of 31 March 2019 at the start of the restructuring

  • Proposed appointment of Patrick Matute as an Executive Board Member, appointment of Craig Lyons as Chairman of the Board with a phase-out of Timothy Nuy as CEO following the successful completion of the restructuring

Luxembourg, June 29, 2020 – Frankfurt-listed Fintech MyBucks S.A. (“MyBucks” or the “Company”) today announced that it has successfully completed a second phase of the Debt Restructuring of the Company. It has reduced its consolidated indebtedness by c. EUR26.5m through a disposal of GetBucks Limited, Mauritius (holding its Botswana operation) including a disposal of shares in its operations in Mozambique and Zambia. MyBucks will retain a 25.0% stake in MBC Mozambique. MyBucks has further agreed to reduce its shareholding in Malawi to 51% with 49% taken up by Mpatsa Holdings (“Mpatsa”) a local investment holding company, allowing for a debt reduction by c. EUR6m. These transactions remain subject to customary regulatory approvals, most importantly central bank approval in Malawi, Mozambique and Zambia.

MyBucks expects the transaction to have an accretive effect on its equity. It is expected to reduce gross external debt to c. EUR25m, against which the Company still holds financial assets of c. EUR10m.

To further align the cost structures of the Group to the need to focus on operational efficiency, the Group has decided to simplify its governance structures. Craig Lyons will take-over as an active Chairman of the Board of MyBucks S.A. from Dirk Harbecke. The executive team will be composed of Craig Lyons, Riaan Paul (Group Chief Financial Officer, based out of Luxembourg) and Patrick Matute (CEO of MyBucks’ wholly-owned bank holding company, based in Africa). This structure will allow the Group to reduce cost, and to continue to deliver world-class reporting out of Luxembourg whilst driving significant growth on-the-ground in the African assets. Having successfully completed his restructuring mandate, Timothy Nuy will be stepping down as Chief Executive Officer and leaving the Board at the next Annual General Meeting.

MyBucks SA. expects to publish its audited financial statements by End of July 2020, and will invite for a general meeting thereafter to approve these financial statements. MyBucks intends to further align its Board of Directors to the transformed operational structure in this regard.

-ENDS-

About MyBucks

MyBucks S.A. is a FinTech company domiciled in Luxembourg that delivers financial services through technology. MyBucks operates in six African countries through its brands GetBucks, GetSure, MBC, and Opportunity Bank. The Group offers credit, banking solutions and insurance products to customers. The MyBucks product offering enables customers to manage their financial affairs easily and conveniently. Discover more at http://www.mybucks.com

About Xtenda

Xtenda Financial Holdings Limited is a Mauritius registered company which commenced business in late 2015 and has operating subsidiaries in Mozambique, Tanzania and Zambia. The Xtenda Group is a retail financial services business offering a range of financial products and services to the retail market, which is often overlooked by the formal banking sector. DBF Capital Partners Limited is the majority shareholder in Xtenda. DBF Capital Partners Limited is a Mauritius based investment holding company founded by experienced investment banking professionals with a wealth of experience in both regional and international markets The founders and executive management team have over 80 years of combined relevant experience in financial markets They have established a track record of driving organic growth and successfully integrating acquired businesses.

About Mpatsa

Mpatsa Trust is a Malawian private Trust whose beneficiaries are members of the Koreia-Mpatsa family, charitable organisations and religious organisations. Through its investment arm, Mpatsa Holdings Limited, it has interests in several sectors of the Malawi economy namely Agriculture, Mining, Hospitality, Real Estate, Pharmaceuticals, Distribution and Marketing.

About MHMK

Founded by George Manyere, MHMK Group Limited is an investment management firm that invests across diverse asset classes with a key focus on alternative investments. MHMK Group offers its “full service investment banking” services and investments through various subsidiaries which are licensed regulatory authorities in Southern Africa, where applicable. MHMKG roup “full service investment banking offering” comprise of financial advisory, investment advisory & placements, stockbroking, private equity, lending and asset management. MHMK Group vision is to be the investment firm of choice in its chosen markets in Southern Africa for entities seeking proactive, trusted and value-adding investors and advisers.

Contact:

Investor related matters: investors@mybucks.com

Public relations: pr@mybucks.com