Barclays on Friday announced a further reduction of its shareholding in Barclays Africa (Absa), to 14.9%.<\/p>\n
It follows a similar transaction in June, whereby Barclays\u00a0reduced its total interest in Barclays Africa to 23.4% from 50.1%.<\/p>\n
In that transaction, 1.5% would be contributed by Barclays to a broad-based black economic empowerment scheme, while\u00a0 7.0% would be taken up by the Public Investment Corporation on a deferred completion, subject to receipt of all necessary regulatory approvals by the PIC, following which Barclays\u2019 total interest in Barclays Africa would be approximately 15%.<\/p>\n
On 4 September 2017, a transaction was effected in which the 1.5% stake in Barclays Africa was transferred from Barclays to an interim B-BBEE structure which was established by Barclays Africa, and accordingly Barclays\u2019 total interest in Barclays Africa was reduced to 21.9%.<\/p>\n
The intention is that these shares will be held in the interim B-BBEE structure for a period before ultimately being applied towards a new Barclays Africa B-BBEE scheme.<\/p>\n
Barclays said that further details will be announced in due course.<\/p>\n
Following the contribution to the interim B-BBEE structure and the transfer to the PIC, Barclays\u2019 total interest in Barclays Africa is at 14.9%.<\/p>\n
Barclays indicated that this represents its desired long term shareholding in Barclays Africa and that no further sales are planned at this time.<\/p>\n