Absa Group Limited has accepted only about 21 per cent of the shares it targeted in its tender offer to minority shareholders of Absa Bank Kenya, which will lift its stake in the Kenyan lender to about 72 per cent.
The Johannesburg-based banking group said on Tuesday, it received and accepted valid tenders from 2,045 shareholders for 189.38 million ordinary shares at Sh34.50 each, amounting to a payout of about Sh6.53 billion.
The offer, which closed on August 11, had sought to acquire up to 895,989,600 shares, equivalent to 16.5 percent of Absa Bank Kenya's issued share capital, from shareholders other than Absa Group on a willing-buyer, willing-seller basis.
Minority shareholders tendered 189,981,668 shares, of which 189,380,644 were accepted, representing about 21 percent of the maximum number of shares targeted in the offer.
Once the transaction is settled, Absa Group's shareholding in the Kenyan lender will increase to 3.91 billion shares from 3.72 billion shares, raising its ownership from about 68.5 per cent to 72 per cent.
The shares will be transferred through block trades on the Nairobi Securities Exchange, after which Absa Bank Kenya will pay participating shareholders using their selected payment methods.
Absa Group announces that its stake in Absa Bank Kenya is set to rise to 71.99% from 68.5% after 2,045 shareholders offered 189,380,644 shares following its offer at Kes 34.50/share. The Jo'burg based parent entity had targeted 85.0% shareholding via this offer.
South Africa's Absa Group Plc (@Absa) seeks to upsize its stake in Absa Bank Kenya (@AbsaKenya) from 68.5% to 85.0% by acquiring an additional 895,989,600 ordinary shares at Kes 34.50/share through a tender offer. The offer represents a premium of 20.0%, 18.9% and 28.2% to the
