Barclays PLC rolls out exit with 12 percent stake sale in Africa Group

May 5, 2016
Barclays PLC has raised gross sale proceeds of approximately ZAR 13,053 million (£603 million)

, JOHANNESBURG, South Africa 5 May – Barclays Bank PLC has begun its Africa exit by selling part of its stake in the Barclays Africa Group.

The global financial institution placed 103. 5 million shares up for sale representing 12.2 percent, essentially cutting its shareholding in the group from 62.3 percent to 50.1 percent.

In a statement, Barclays Bank PLC said the shares were sold to a mix of existing and new investors who bought a share for 126 Rands, raking in £603 million for the Bank.

Barclays had indicated its intentions to divest from the Africa Group, which owns majority stakes in 10 Barclays Banks in Africa including Kenya, Zambia, South Africa, Mauritius and Ghana. However, Barclays Bank of Kenya and Barclays Bank Botswana are listed in the respective stock exchanges.

The Africa group said the first tranche of the shares sell demonstrates a healthy investor appetite for the Johannesburg-listed company.

Due to the size of the group and volume of the transaction, the regulator has placed a 90-day lock-up restriction of ordinary shares not sold in the placing.

“During this period, the lock-up restriction may be waived with the consent of the Managers (such consent not to be unreasonably withheld or delayed).”

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