Absa Group offers Sh31bn for extra 16.5pc stake in Kenya unit

Absa Bank Kenya

Absa head office in Westlands, Nairobi. 

Photo credit: File | Nation Media Group

South Africa’s Absa Group Limited is set to spend Sh30.9 billion to raise its ownership in Absa Bank Kenya to 85 percent from the current 68.5 percent, marking the latest mega deal in the country’s banking sector.

The multinational is offering a premium price of Sh34.5 per share to the company’s minority investors, underlining its confidence about the lender’s future outlook.

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