Barclays PLC to sell shares in Barclays Africa

Barclays PLC has announced it will sell ordinary shares in Barclays Africa Group, according to a press release from the bank issued May 31, 2017 and copied to ghanabusinessnews.com.

In the release, Barclays PLC announced its intention to sell 187 million ordinary shares in Barclays Africa Group, which represents approximately 22 per cent of Barclays Africa’s issued share capital.

The bank group indicated that this announcement of intention follows receipt of the required regulatory approvals, including approval from the South African Minister of Finance, for Barclays PLC to reduce its shareholding in Barclays Africa to below 50 per cent.

“Barclays Plc announced on March 1, 2016 that it intended, over a two to three year period, to reduce its shareholding in Barclays Africa.  On May 5, 2016, Barclays PLC sold 103.6 million shares in Barclays Africa, reducing its shareholding to 50.1 per cent,” it said.

It noted that the sell-down transaction is in the form of an accelerated bookbuild, which has been activated, and is expected to be concluded overnight. 

The conclusion of the sale is expected to be announced today Thursday, June 1, 2017.

The Barclays Africa group agreed to separate from the UK-based Barclays PLC. The move, was to allow Barclays Africa to operate as an independent pan African bank, and following that, Barclays PLC submitted an application to the South African Reserve Bank for approval to reduce its shareholding in Barclays Africa Group to below 50 per cent, Maria Ramos, the Chief Executive Officer (CEO) of Barclays Africa said at a press briefing February 23, 2017.

By Emmanuel K. Dogbevi