Aug. 7 (Bloomberg) -- Stanbic IBTC Bank Plc, a unit of Standard Bank Group Ltd., fell for a fifth day, its longest losing streak since Jan. 26, after the company announced restructuring plans.
The stock dropped 3.1 percent to 6.20 naira by the close in Lagos, its lowest since July 3.
Stanbic will cancel four-fifths of its shares this month as part of its group’s restructuring into a holding company, it said on July 26. Shareholders will receive 50 kobo for each share canceled.
The restructuring plans have caused confusion in investors, Raheem Mohammed, chief operating officer of Lagos-based Kundila Finance Ltd., said by phone today. “So they are exiting the stock now to wait for the coast to clear before they re-enter,” he said.
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