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Barclays Hits Target for Africa Stake on Surprise Sale Boost

  • Bank selling 33.7% share, up from 22% previously planned
  • Sale takes Barclays’s stake in unit down to long-term target
Updated on

Barclays Plc reached a long-term target for shrinking its stake in its African unit earlier than expected as the bank boosted the size of a share sale by more than 50 percent.

The London-based lender is selling 285.7 million shares of Barclays Africa Group Ltd., equal to a 33.7 percent stake, at 132 rand each, it said in a statement on Thursday. The bank previously planned to sell a 22 percent stake and said it increased the size of the offering “due to strong investor demand.”