Johannesburg - ABSA parent Barclays confirmed its intention to sell approximately 187 million ordinary shares or 22% of its stake in its African business unit.
This is according to an investment note issued to shareholders, shortly after markets closed on Wednesday.
This follows an initial placing undertaken in May 2016 where the group sold 12.2% (103.5 million shares) of its share capital in Barclays Africa Group Limited (BAGL).
Barclays’ long-term target shareholding in BAGL is around 15%.
The Public Investment Corporation (PIC) confirmed its role as anchor investor in the placement of 59 million shares (7%) of capital share in BAGL.
The PIC is yet to receive regulatory approval from certain African jurisdictions.
The remaining ordinary shares will be held by Barclays or its subsidiaries. However 1.5% of the shares will go towards the establishment of a black economic empowerment scheme.
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