Absa Group of South Africa will accept all offers of 10,000 shares and below for each shareholder in its purchase of an additional 16.5 percent stake in Absa Bank Kenya, sparing small investors the pain of rejected offers in case of an oversubscription.
The lender is purchasing 895.9 million shares through the tender at a fixed price of Sh34.50 per unit, valuing the transaction at Sh30.9 billion. If fully subscribed, the purchase will see Absa Group’s shares in the Kenyan unit rise from 3.72 billion shares to 4.61 billion units, raising its percentage stake from 68.5 percent to 85 percent.
