Discoverpoint, DEAP Capital seal pact on merchant bank's formation

THE management ofa United States based private equity holding company, Discovrpoint, and Deap Capital Management & Trust Plc (Deap),a Nigerian publicly listed investment management group have signed a memorandum of understanding aimed at transforming both institutions into a merchant bank.According to Deep Capital Management & Trust Plc, both firms intend float an institutions to be identified as Deap Global Holdings Limited.Theholding company, a statement explained, would will own and operate a merchant bank and other financial services companies.The statementexplained thatDiscoverpoint would inject $150 million in capital into the holding company; restructure and transform Deap into a Merchant Bank.'With the holding company structure in place, we are looking to position Deap as a global financial services institution with access to the world largest capital markets,' Chief Executive Officer (CEO) of Discoverpoint, Kris Oribabor said.In his submission, Chief Executive Officer of Deap,Mr. Emmanuel Ugboh said: 'Since we formed Deap in 2002, we have strived to be recognised as an innovator within the Nigerian investment management sector. We are pleased to receive the support from Discoverpoint on our global expansion plans and look forward to growing the company and the Deap brand with a focus on creating maximum shareholder value and strong return for our investors.'Information made available explained that Deap is an investment management and financial services group, listed on the Nigerian Stock Exchange (NSE) with $20 million, in funds under management, it is also the first company to be listed under the Other Financial Institutions Sector (non-banking, non-insurance financial services company) of the Nigerian Stock Exchange.Deap currently owns interest in a portfolio of companies within the financial services sector which include: Resort Securities & Trust Limited, a stock broking firm; DVCF Oil & Gas Plc, an energy focused venture capital company; and Resort Savings & Loans Plc, a mortgage bank listed on the NSE.Meanwhile, Discoverpoint Holdings LLC is a Pan Africa focused Private Equity Holding Company focused on Oil & Gas, Metals & Mining, Financial Services and Infrastructure.
Click here to read full news..