South Africa's Absa is offering about $239 million to raise its Absa Bank Kenya stake to 85%, the latest South African banking push into East Africa.
KENYA · BANKING
Key Facts
—The deal: Absa Group, one of South Africa’s largest banks, is offering about $239 million to raise its stake in Absa Bank Kenya to 85% from 68.5%.
—The price: It will pay 34.50 Kenyan shillings a share for the extra 16.5%, a roughly KSh30.9 billion (R3.93 billion) tender.
—The timing: The offer is set to open on 30 June and close on 11 August, pending Kenyan regulatory approval.
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The proposed offer price comes after Absa Bank Kenya’s share price had rallied to hit an all-time high of Sh33 before easing to…
Absa’s $238 million move to increase its stake in Absa Bank Kenya highlights growing competition among African banking giants…
Absa Bank becomes the latest lender to stage major share price gains catalysed by mergers and acquisitions announcements.
The firms have been attracted by the faster pace of economic growth in the East African economy compared to their home market.
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