SA bank seeks Sh2.6bn stake in Kenya's Stanbic Holdings

What you need to know:

  • The multinational had planned to buy a total of 59 million shares in the Nairobi Securities Exchange-listed firm at Sh95 each, valuing the offer that ran from May 21 to July 3 at Sh5.6 billion.
  • Shareholders controlling 31.6 million shares worth Sh3 billion accepted the offer, raising its stake to 68.01 per cent from the previous 60 per cent.

South Africa’s Standard Bank is seeking to buy an extra 6.9 per cent stake worth about Sh2.6 billion in Stanbic Holdings after failing to raise its shareholding in the local subsidiary to 75 per cent in its first attempt.

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