The capital Markets Authority has granted South Africa’s Standard Bank an extension period to buy more shares in its Kenyan subsidiary Stanbic Holdings on the open market.
“SAHL is pleased to announce that CMA has granted a further requested extension of the exemption to trade on market for a period expiring on December 31, 2020,” the multinational said in a notice.
Standard Bank seeks to acquire a maximum of 23, 024,153 additional shares valued at KSh2.4 billion based on Stanbic’s share price of KSh105.7 prior to the new announcement.
At the conclusion of the transaction, Standard Bank would raise its stake in Nairobi Securities Exchange-listed the lender to 75 percent by December 2020.
In 2018, Stanbic Africa Holdings Limited (SAHL) had announced the intention to purchase, through a Tender Offer an additional 59 million shares of Stanbic Holdings Plc, an equivalent of 15% of the shareholding to bring it’s 60% shareholding to just the minimum below 75%.