Atlas Africa Industries has made a Sh. 30 million investment on a Nigearia-based gaming company, BonanzaWin.
The equity buyout will see Atlas Africa hold a 10 per cent stake of the Nigerian firm.
“The investment has been effected through a share subscription and capital contribution into Equatorial Partners Limited (‘EPL’), a Maltese holding company which in turn holds a 60 per cent stake in Saerimner Ltd (‘Saerimner’), a Nigerian registered company operating under the trading name “BonanzaWin”,” it said in a regulatory filing. “Atlas’ total investment into EPL at this stage is Sh30million ($300,000, in consideration for which it has acquired a 10 per cent equity stake in EPL.”
BonanzaWin has an online gaming platform, which powers a wide range of games including sports betting, live casino and slot games focused on the Nigerian market.
Atlas Africa Industries earlier this year ran into atax dispute with the Ethiopian government that saw it lose Sh241 million ($2.4 million) from its subsidiary TEAP Glass Plc.
Atlas Africa Industries last April announced a net loss of Sh3.42 billion loss for the 18 months ended December 2015