Harare — German-based investors led by financial group, African Development Corporation has acquired a 54 percent stake in Premier Finance Group Limited in a deal worth US$6 million.

Under the deal, ADC will have 45 percent shareholding and the transaction has already obtained all the regulatory approvals. KMQ Enterprises, a Mauritius domiciled company will own a nine percent stake.

The disposed shareholding belonged to PFG founder members, according to Premier Bank managing director, Mr Douglas Mamvura.

Of the remaining shareholding, 28 percent is held by a local consortium made up of investment banker, Mr George Manyere, banker and chartered accountant Mr Walter Kambwanji and marketing guru Mr Mamvura.

The balance of 18 percent stake is owned by local investors and an employee share trust.

Premier chairman Mr Sengi Mlambo said: "We will welcome the new shareholder and consider this as significant step in enhancing the current product portfolio and service offering."

The partnership, he added would strengthen the ability of the group to meet the needs of the Zimbabwe economy.

ADB is a pan African financial services investment group which was founded and controlled by Altira Group, one of the Germany's leading independent asset managers with more than US$1 billion assets under its management.

Its shares are traded on the Frankfurt Stock Exchange.

Already the group has operations in Rwanda, South Africa and Equatorial Guinea. It has invested about US$30 million in Africa.

ADC chief executive Mr Dirk Harbecke said "ADC investment demonstrates our confidence in our local partners and the future of Premier and the prospects offered by the Zimbabwean economy.

"We are looking into investing in Africa and we have already invested in Rwanda, Equatorial Guinea, and South Africa and as of last year we started investing in Zimbabwe."

Mr Manyere, an executive director of Premier welcomed the partnership with ADC and believe that this would enhance the group's capacity to access capital and credit lines to support growth of the existing business and other strategic ambitions.

Founded in 2002, PFG has grown into one of Zimbabwe's eminent financial group's with three operating divisions which are retail flagship Premier Banking Corporation, an asset management arm and a private equity fund.