@madDoc. Yeah seen that one. Even better, only concern is market share on that one. Cant honestly say I know even 1 person that banks with them.
However, still thinking about it.

@Sparkly, your words about JM the superstar, I suggest you dig thru history and read up on a cocacola legendary ceo Roberto Goizeuta and the effects of "superstars" I dont think I would buy a company just because the CEO is hulk hogan or some other superstar. Its gotta make sense.

What is the threshold for material announcements? Article says the additional $20MM stake was acquired during Q316. Or I probably missed initial disclosure?

Healthy scepticism there. But isn't there room for Equity and KCB to both reward investors? You seem to have gripe with EQTY in all your recent posts.

Procredit congo is spending more on expansion and marketing. Profits will be low till they get past 50% coverage of the country. Congo has really bad technological infrastructure. So much investments need to be done.

Sometimes you buy "future" growth. Remember the days when Equity used to grow profits 100% per year?
FCF may be negative but it's like Safcom in the early years. Branding, towers, free/cheap "locked" phones & modems, etc. As others have said the expansion efforts are probably driven through Equitel. As long as DRC remains stable (or improves) the payoff could be enormous.