Stanbic Africa Holdings Increases Stake in Nigeria’s Stanbic IBTC to 64.44%

June 1, 2018
Stanbic Africa Holdings Increases Stake in Nigeria's Stanbic IBTC to 64.44%

By Dipo Olowookere

One of the wholly-owned subsidiaries of Standard Bank Group, Stanbic Africa Holdings Limited, has increased its stake in Nigeria’s Stanbic IBTC Holdings Plc to 64.44 percent.

Before the increase, the financial powerhouse controlled 53.09 percent stake in Stanbic IBTC Holdings Plc, with First Century International Limited controlling 7.43 percent and other investors 39.64 percent of the company.

However, Stanbic Africa Holdings has now raised its controlling stake by 11.35 percent after paying about N62 billion for the deal.

In a notice to the Nigerian Stock Exchange (NSE) yesterday, Stanbic IBTC Holdings Plc, which is listed on the local bourse, said through its scribe, Chidi Okezie, that the transaction was completed through an “off-market”.

“This is to inform the Nigerian Stock Exchange that Stanbic Africa Holdings Limited (a wholly owned subsidiary of Standard Bank Group Limited) and parent company of Stanbic IBTC Holdings PLC (Stanbic IBTC), has recently acquired an additional 1,141,191,943 (one billion, one hundred and forty one million, one hundred and ninety one thousand, nine hundred and forty three) ordinary shares in Stanbic IBTC Holdings PLC in an ‘Off-Market’ transaction.

“With this acquisition, the total percentage shareholding of Stanbic Africa Holdings Limited in Stanbic IBTC has increased by 11.35% from 53.09% to 64.44% post this transaction,” the notice confirming the transaction said.

Business Post learned that the sale of the additional shares was supervised by Renaissance Capital (RenCap) with each share sold at N53.75k.

As at the close of business yesterday, the share price of Stanbic IBTC was N46.10k after losing N1.40k.

As at the time of filing this report today, the stock was still being traded at the same price on the floor of the NSE.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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