Barclays UK clears last hurdle to complete sell down in Africa

Barclays UK has finally managed to clear the last hurdle to significantly reduce its holding in Barclays Africa.

This 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 percent.

Barclays UK, in March 2016 announced its intention to sell a majority of its shareholding in Barclays Africa. Before this move, Barclays PLC held 63 percent stake in Barclays Africa.

It managed to sell off some 12.2 percent to a range of investors in May 2016, reducing its shareholding to 50.1 percent.

This has paved the way to sell 187 million ordinary shares in Barclays Africa Group, which represents approximately 22 percent of Barclays Africa’s issued share capital.

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 percent.

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

The conclusion of the sale, which is expected to be announced on Thursday, June 1, 2017, will see Barclays PLC’s shareholding reducing to below 50 percent.

“This transaction marks the next phase of Barclays Africa’s evolution as a standalone pan-African financial services group, committed to Africa,” said Maria Ramos, Barclays Africa CEO.

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