Barclays Places Entire 7.4% Stake In Absa Group To Raise £538 Mln

Banking major Barclays Plc (BARC.L,BCS) Thursday said it has agreed to sell its entire holding of 63.07 million ordinary shares of Absa Group, representing around 7.4% stake, at a price of ZAR 169.0 per share. The sale through an accelerated bookbuild placing raises aggregate gross sale proceeds of around ZAR 10.66 billion or 538 million pounds.

Barclays plans the sale through its wholly owned subsidiary, Barclays Principal Investments Limited.

Barclays on Wednesday announced its intention to place the Absa stake.

The Placing is expected to result in a pro forma increase of approximately 4 basis points to the Barclays group's CET1 ratio as at 30 June 2022 and a loss on sale of 31 million pounds.

Barclays Bank PLC is acting as global co-ordinator and bookrunner.

The proceeds of the placing are payable to Barclays in cash on usual South African settlement terms. The net proceeds will be used for general corporate purposes.

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