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Abu Dhabi-based Waha VAS Limited has divested its stake in AI fintech Optasia following its listing on the Johannesburg Stock Exchange on Tuesday. Waha VAS is a subsidiary of Waha Capital.
Waha VAS’s exit from Optasia will generate $119 million in proceeds, an internal rate of return of 25%, and a multiple on invested capital of four times following FirstRand Investment Holdings Proprietary Limited acquired a 20.1% secondary stake in the fintech, Waha Capital said.
Waha VAS first acquired a 20% stake in Optasia in September 2017, a company that provides AI-driven financial services, digital credit and microfinance access across 38 countries. That stake was eventually reduced to 9.3% in the lead up to this month’s IPO through multiple partial exits.
(Writing by Bindu Rai, editing by Seban Scaria)
