Stanbic Africa Holdings (SAHL) has announced it will from Monday open an offer to all shareholders of its Kenyan subsidiary at Sh95 a share. This, it said, was after its plans to upscale South African-based Standard Bank Group’s operations in the country got regulatory nod.
The CFC Stanbic stock Wednesday rose from Sh89 to Sh92 on the announcement.
The London registered SAHL’s voluntary offer will see it spend around Sh5.61 billion to acquire an additional 59 million shares in Stanbic Holdings Plc, raising its holding to 75 per cent.
“The tender offer will open at 9am on May 21. (It) will come in two phases. The first phase of the offer will close at 5pm on June 11 and the second and final phase of the offer will close at 5pm on July 2,” said SAHL in a regulatory notice.
SAHL is a wholly owned subsidiary of the South African-based Standard Bank Group and serves as the holding company for a majority of its African banking operations.
Currently, SAHL (through Stanbic Nominees Limited, on its behalf) holds 237,192,981 ordinary shares in the Nairobi Securities Exchange-listed financial services group Stanbic Holdings, representing 60 per cent of its issued share capital. The targeted 59 million ordinary shares represent a stake of just under 15 per cent.
SAHL says its current shareholding means it has effective control of Stanbic Holdings under the take-over regulations. SAHL has clarified that it does not intend to make a takeover bid and has committed to apply for an exemption from the Capital Markets Authority (CMA).