The South African bank Standard Bank Group Limited plans to buy additional shares in its Kenyan subsidiary Stanbic Holdings, through its investment vehicle Stanbic Africa Holdings Limited (SAHL). The banking establishment intends to increase its stake by the end of December 2022 to 75% against 72.25% previously.
Indeed, the Kenyan Capital Markets Authority (CMA) has granted the South African bank a period of time until the end of December 2022 to finalize this acquisition transaction. This is the latest extension to the buying window since the multinational began acquiring Stanbic shares in May 2018 by offering a buyout price of $0.84 per share.
In a statement, SAHL clarified that the Capital Markets Authority has granted a further extension of the market trading exemption for a period expiring on December 31, 2022.
Standard Bank’s decision to increase its stake in Stanbic demonstrates its confidence in the subsidiary’s future prospects. The bank is one of its largest units outside of South Africa.