Atlas Acquires stake in Nigerian based Online Sports Betting company

Nairobi Securities Exchange listed Atlas African Industries has announced that it has acquired an interest in BonanzaWin, a Nigerian based gaming company offering a range of online and real-play gaming experiences including sports betting, casino slot games, and lotto.

Atlas’ total invested about USD 300,000 in consideration for a 10% equity stake in Equatorial Partners Limited, which is the holding company that in turn holds a 60% stake in Saerimner Ltd (‘Saerimner’), a Nigerian registered company operating under the trading name “BonanzaWin”.

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BonanzaWin has established a portfolio of gaming businesses currently focussed on the Nigerian market; the company has a secure online gaming platform, which powers a wide range of games including sports betting, live casino and slot games, has three gaming shops where customers can play and place bets, and is a regulated provider of the Nigerian lottery, for which BonanzaWin sells tickets through a number of local sales agents.

BonanzaWin is licenced and regulated by the Lagos State Lottery Board and Atlas believes the company represents a compelling investment opportunity to access Nigeria’s growing gaming and entertainment sectors. For the 12-month period ended 31 December 2015 EPL and Searimner reported a loss of US$300,815.

READ; Ethiopian Revenue Authority Withdraws Ksh 240M from ATLAS Bank Accounts Over Tax Evasion Claims

Update On Ethiopia Operations

With regards to the Company’s wider portfolio and its interests in Ethiopia, Atlas continues to investigate possible resolutions to what the Board believes to be an unlawful expropriation of funds based on an erroneous tax claim being pursued by the Ethiopian Revenue and Customs Authority, as disclosed in the announcement dated 11 May 2016. The Company will update the market on further developments relating to this as soon as it is in a position to do so.

CFO Steps Down

The Company also announces that Barry Lobel will be stepping down from his role as Chief Financial Officer (‘CFO’) and Executive Director, effective immediately, in order to focus on other business commitments. The Board is assessing options for a replacement CFO and expect to fill the position with a non-board appointment in due course.