Africa: Stanbic Africa Holdings Raises Stake in Stanbic Ibtc By 11.35 Percent

31 May 2018

Stanbic Africa Holdings Limited, parent company of Nigeria's Stanbic IBTC Holdings Limited, has increased its shareholding in the latter by 11.35 percent.

As a result of the fresh capital injection into its Nigerian subsidiary, Stanbic Africa Holdings Limited now owns 64.44 percent of the total equities of Stanbic IBTC Holdings Plc.

It increased its controlling stake from 53.09 percent through an "Off Market" transaction that led to the acquisition of 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 recently.

"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", a statement signed by Chidi Okezie, Company Secretary of Stanbic IBTC Holdings Plc, disclosed.

The Nigerian Stock Exchange (NSE) was officially notified of the deal on Thursday.

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