City Of London
Barclays Exits Absa Group in Latest Retreat from Africa
- Share placement raised proceeds of about $620 million
- Stake sale unwinds investment in Absa entered in 2005
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Barclays Plc raised nearly 10.7 billion rand ($620 million) from the sale of its remaining stake in South African lender Absa Group Ltd., exiting an investment it made in 2005 and marking its second retreat from the region.
The London-based bank offered about 63 million ordinary shares, which is 7.4% of Absa’s issued share capital. The placement priced at 169 rand a share, according to a statement, representing a 5.1% discount to Wednesday’s close.