Stanbic Africa Holdings is offering a 20% stake in Stanbic Bank Botswana through a sale of existing shares valued at 1.37 billion pula ($94 million), BusinessDay reported, citing a bank statement issued Friday.
The transaction transfers shares held by Stanbic Africa Holdings, a subsidiary of Standard Bank Group in South Africa, rather than adding newly issued shares to Stanbic Bank Botswana. BusinessDay said the seller will retain an 80% stake in the Botswana lender after the offer.
The sale covers 319.4 million shares at 4.30 pula each. Retail investors have 63.9 million shares set aside, while institutional investors are assigned the rest, according to the report.
BusinessDay reported that the bank sees the listing as a way to give local residents a larger role in ownership and Botswana’s capital markets, while supporting citizen economic empowerment.
The offer is due to close Nov. 27. BusinessDay said trading on the Botswana Stock Exchange is expected to start Dec. 7.
