Barclays is providing R11bn stake in Absa

Barclays is advertising a 7.4 per cent stake in Absa, its previous African device, worth as considerably as R11.1 billion.

The business is inserting about 63 million shares to institutional shareholders as a result of an accelerated reserve-operate placement, in accordance to a statement Wednesday. Terms observed by Bloomberg exhibit that Barclays gathered plenty of investor orders to address the offer inside minutes of opening.

The sale represents about half of Barclays’ 15 percent stake in the African financial institution. The British financial institution, which has operated in Africa for more than 100 several years, has been lowering its stake in Johannesburg’s Absa in new yrs. It marketed most of its controlling stake in the group, then Barclays Africa, in 2017.

Barclays, Absa, Citigroup, Santander and Societe Generale are arranging the sale.

—With assistance from Kat Van Hoof.

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