https://www.businessdail...ith-south-sudan-3521264
Co-op Bank has extended its joint venture with the government of South Sudan by three years, renewing the parties’ co-ownership of the lender’s subsidiary headquartered in Juba.
The partners formed the Co-operative Bank of South Sudan in 2013, with the Kenyan banking multinational taking a controlling 51 percent stake in the company.
The government took the remaining 49 percent equity which it was to hold in trust and later transfer to the co-operative movement in that country in a few years.
Co-op Bank says the transfer of the minority stake has been delayed by economic and political challenges in that country.
“The 49 percent shareholding held by the government of South Sudan was to be transferred to the co-operative societies in South Sudan but the peace process, the performance of that economy has taken time to stabilise and we have extended that period by another three or so years,” chief executive Gideon Muriuki told shareholders at the virtual annual general meeting held on Friday.
South Sudan has been working on building a coalition government, comprising former rebel leaders, following its independence from Sudan in 2011.
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