Fin24

Absa BEE partner offloads R3.4bn stake

2012-10-10 15:07

Johannesburg – Absa Group [JSE:ASA] said on Tuesday that the eight-year partnership between itself and its black economic empowerment (BEE) partner Batho Bonke had created value for both parties.

The group was commenting on the news that Batho Bonke is to sell off its R3.4bn stake in the group.

A subsidiary of Barclays Bank plc‚ Absa was the first of South Africa’s big four banks to conclude a substantial BEE transaction with the sale of 10% of its equity‚ with full voting rights‚ to the broad-based Batho Bonke empowerment consortium in July 2004.

Eight years later‚ said group chief executive‚ Absa Group and chief executive of Africa‚ Barclays‚ Maria Ramos‚ the transaction has been a success‚ unlocking a substantial amount of financial benefits for a broad base of participants

These include community trusts‚ women’s groups‚ BEE companies‚ stokvels‚ small and medium businesses as well as historically disadvantaged individuals across South Africa’s nine provinces.

Ramos added that Absa looks forward to continuing its contribution to the transformation of the country.

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Comments
  • george.slade.161 - 2012-10-10 16:09

    The Deployed Mrs Manuel Speaks !!!1

  • merushan - 2012-10-10 16:18

    Tokyo Sexwale wants th money for his election campaign

  • giancarlo.groenewald - 2012-10-10 16:22

    Yes walk off in shame you corrupt buggers. But don't worry breaking the law and forging your own court documents will get you ABSA no where, all the pain and suffering you put my family through just you wait.

      SarelJBotha - 2012-12-06 11:03

      I am engaging with ABSA via their FB page on certain questions regarding their unlawful business practises. Please assist by also posting your questions or support. Even after more than a week, their experts have not been able to come up with answers, or are they hiding the truth from us? http://www.facebook.com/Absa.Bank/posts/10151274474603251?comment_id=24124727¬if_t=feed_comment_reply http://www.facebook.com/Absa.Bank/posts/10151274474603251?comment_id=24124727¬if_t=feed_comment_r www.facebook.com

  • J.Stephen.Whiteley - 2012-10-10 16:29

    This is what the ruling party means by nationalisation. It will never RUN a business; the regular resignations from parastatals prove that. It will, for its MP's, ministers and "donors", BUY shares, courtesy of the business itself and/or the taxpayer, then, when it suits, SELL and walk off. The CEO of Absa: behold! Maria Ramos, formerly of Transet.

  • carolyn.dewrance - 2012-10-10 16:30

    And they still charge Pensioners bank fees on their Government grants, leaving Pensioners with less money at the end of the day. Greedy greedy non caring Bank.

  • CaL044 - 2012-10-10 16:43

    Batho Bonke were given the shares, which they now conveniently cash in, and ABSA shareholders will in all probability have to 'give' another block of shares to a new BEE consortium!! Its called levelling the playing field in political jargon.

      george.slade.161 - 2012-10-10 17:20

      Actually its called destroying the playing field . Take yr funds to capitec --get out of The Ramos/Manuel shambles

  • kooskanmar - 2012-10-10 16:50

    BEE "partners" should be locked in until BEE is ultimately abolished. They can benefit from dividend pay-outs like all other shareholders until that time, but they shouldn't be able to just bleed the host dry, and jump on to the next suspecting source. BEE "partners" add zero to very little tangible value. It's all just handshakes and fake smiles. Parasite and host comes to mind. We all know the story, and talk and joke about it behind closed doors. It’s a means to an end and nothing more. You earn respect, you don’t buy it.

  • sandor.l.varga - 2012-10-10 18:49

    Paying so much for bank charges ABSA can put another useless, lazy, hopeless BEE (ANC) organization on board. Sick ! Bunch of idiots.

  • sifiso.m.ngcobo - 2012-10-10 20:46

    BEE is like a cancer that threatens the innovativeness of black people because we cash in on deals not because we deserve them,but because we are black!I personally feel that Investors should be more willing to invest in ABSA,now that everybody who is part of the company has it's best interest @ heart!!!

      Johann Enslin - 2012-10-10 23:33

      Spoken like a free man, an independent man. Spoken like a man who has pride and self respect.

  • SarelJBotha - 2012-12-06 11:03

    I am engaging with ABSA via their FB page on certain questions regarding their unlawful business practises. Please assist by also posting your questions or support. Even after more than a week, their experts have not been able to come up with answers, or are they hiding the truth from us? http://www.facebook.com/Absa.Bank/posts/10151274474603251?comment_id=24124727¬if_t=feed_comment_reply http://www.facebook.com/Absa.Bank/posts/10151274474603251?comment_id=24124727¬if_t=feed_comment_r www.facebook.com

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