Barclays PLC has sold a 12.5% stake in Barclays Africa to a consortium of investors as it moves to reduce its majority stake in the Africa operations to raise cash and cut its risks.
Barclays sold 103,592,491 ordinary shares in the capital of Barclays Africa (representing 12.2% of Barclays Africa’s issued share capital) at a price of ZAR 126 per share through an accelerated bookbuild placing.
The firm raised an aggregate gross sale proceeds of approximately ZAR 13,053 million (£603 million). The sale was conducted by Barclays Investment Bank, Citigroup Global Markets Limited, J.P. Morgan Securities plc and UBS Limited.
The firm now holds 50.1 percent or 424.7 million ordinary shares in the capital of Barclays Africa. The sale reduced its hold from 62.3 percent to 50.1%.
The firm aims to sell off the remaining shares gradually and a group of investors are lining up for the shares.