South Africa’s Standard Bank has raised its stake in Stanbic Holdings to 69.1 percent having acquired an additional 4.3 million shares worth about Sh422 million in the local subsidiary, Business Daily Africa has reported.
The share purchases, which are expected to continue in the near term, are part of the multinational’s plans to raise its stake in the Nairobi Securities Exchange-listed firm to 75 percent.
The buying spree started early last year when Standard Bank announced it was ready to purchase 59 million Stanbic shares at Sh95 each, valuing the offer that ran from May 21 to July 3, 2018 at Sh5.6 billion.
It only received acceptances amounting to 31.6 million shares valued at Sh3 billion, raising its stake to 68.01 percent from the previous 60 percent.
The conglomerate then applied to the Capital Markets Authority seeking approval to buy more Stanbic shares in the open market to reach its 75 percent ownership target.