Stanbic Bank Kenya parent firm Stanbic Africa Holdings Limited (SAHL) has raised its stake in Stanbic Holdings PLC to 71.2 per cent.
This is as the firm continues to accumulate shares in the subsidiary as it aim to expand its hold in the company.
On Thursday, SAHL stated that it had acquired and additional 8.1 million shares in November last year increasing its stake in Stanbic from 69.1 per cent.
The firm is still keen on raising its stake in Stanbic Holdings to just under 75 per cent before the close of the year and has received exemption from the Capital Markets Authority (CMA) to continue trading in the market.
“SAHL will aim to acquire a maximum of 14,877,912 additional ordinary shares available for sale on the NSE increasing to its target shareholding of just 75% of the issued ordinary shares in Stanbic Holdings,” SAHL noted in a trading statement issued on Thursday.
Nevertheless, SAHL will not invoke a full-takeover offer for Stanbic and has applied and received exemption from invoking the order from the CMA.
SAHL begun the process of raising its stake in Stanbic Holdings in July of 2018 in what was then perceived as a silent takeover of its regional based banking subsidiary.
SAHL is a wholly owned subsidiary of Standard Bank Group Limited (SBG).