Atlas African Industries Limited / Ticker: AAI / Index: AIM and NSE /

Sector: Support Services

30 September 2016

Atlas African Industries Limited "Atlas" or the "Company" Increases Interest in BonanzaWin

Atlas African Industries Ltd (AIM, NSE: AAI), is pleased to announce that it has increased its interest in BonanzaWin, a Nigerian based gaming company offering a range of "bricks-and-mortar" and online play gaming experiences, including sports betting, live casino, slot games, virtual games and football pools lottery, targeting the growing Nigerian consumer market.

The current 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% stake in Saerimner Ltd "Saerimner", a Nigerian registered company operating under the trading name "BonanzaWin". Following an initial investment in August 2016 (see announcement dated 1 August 2016), Atlas has invested a further $200,000 in EPL, increasing Atlas' total interest in EPL from 10% to 13.5%.

BonanzaWin has established a portfolio of gaming businesses currently focussed on the Nigerian market. It operates a secure online gaming platform – www.bonanzawin.com – which powers a wide range of games, including sports betting, as well as three "bricks-and-mortar" gaming shops in Lagos where customers can play and place bets. BonanzaWin is licenced and regulated by the Lagos State Lotteries Board and the Lagos State Ministry of Finance to operate its gaming business in Nigeria. For the 12-month period ended 31 December 2015 EPL reported a loss of US$300,815.

Carl Esprey, CEO of Atlas said, "With rising incomes leading to the emergence of a growing and significant consumer market across the African continent, we have identified BonanzaWin as a prospective growth opportunity, which provides Atlas with exposure to the Nigerian gaming and entertainment sector. Accordingly, we are delighted to have further increased our interest in this business. BonanzaWin has built a successful operating platform, which offers a range of established games and betting experiences and our focus is now on building value within the business, by growing user numbers and increasing average user spend, in line with the positive growth projections for the industry.

Any news on Chancho project? Is Ethiopia govt. going to return money? Why suspend the project?

Kenyans have failed to understand capitalism... Its only in Kenya where we hear calls to arrest directors when a company goes bankrupt.

If Wanjiku takes a risk she should expect the worst and hope for the best and move on... In this case, the worst has materialized.