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Barclays increases size of BAGL placing

01 June 2017 07:46

Barclays has increased the size of the placing of Barclays Africa Group Ltd shares due to strong investor demand.

Barclays has agreed to sell 285,691,979 BAGL ordinary shares - 33.7% of BAGL's issued share capital - at ZAR132.0 apiece, raising aggregate gross proceeds of approximately ZAR37,711m (£2,224m).

Barclays said the placing was expected to result in a pro forma increase of approximately 27 basis points to the group's 31 March 2017 CET1 ratio, from 12.5%. Barclays said that following completion of the placing, the group would hold 139 million ordinary shares in BAGL - 16.4% of BAGL's issued share capital.

It said 12.7 million ordinary shares would be contributed to a black economic empowerment scheme in due course, leaving a residual holding of approximately 15%.

Story provided by StockMarketWire.com

Related Company: BARC

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