The capital Markets Authority has granted Stanbic Africa Holdings Limited [SAHL] an extension period to buy more shares of Stanbic Kenya Holdings Plc on the Nairobi Securities Exchange.
Stanbic Africa Holdings Limited (SAHL) had announced in 2018 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%.
Since then, Stanbic Africa Holdings Limited has been able to gain 35,975,847 shares from shareholders, making it the top shareholder having a cumulative 69.01% of the total issued shares.
The exemption for on the market trading allows Stanbic Africa Holdings Limited to continue trading up-to 23,024,153 shares for an attainable 74.99% of the total issued shares of Stanbic Holdings (Kenya) Plc, stamping it’s place as the majority shareholder in Stanbic Holdings Plc.
Standard Bank remains interested in raising its shareholding subject to receiving the requisite approvals by purchasing shares from those shareholders who may wish to sell their shares in the future,” Stanbic had said in an earlier statement.