• Accoutable government

    Mandi Smallhorne says government should be taken to court for its wasteful expenditure.

  • Inside Labour

    Terry Bell explores the connection between poultry, poverty and desperation.

  • A new ANC sweeper?

    Have the Guptas' new auditors mastered how to look the other way on cue, asks Solly Moeng.

All data is delayed
Loading...
See More

Absa BEE partner offloads R3.4bn stake

Oct 10 2012 15:07
I-Net Bridge

Company Data

BARCLAYS AFRICA GROUP LIMITED [JSE:BGA]

Last traded 139
Change -6
% Change -4
Cumulative volume 1963044
Market cap 0

Last Updated: 03-05-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Absa voted tops for service

BEE investors to quit Absa

Dividend soothes Absa shareholders

Absa's people strong, says Ramos

Absa to take Tafakul to Africa

Barclays may blend Africa ops with Absa

 
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.

* Follow Fin24 on Twitter and Facebook.
absa  |  banking  |  bee

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
13 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The drop in inflation:

Previous results · Suggest a vote

Loading...