Barclays PLC has announced its intention to sell 187 million ordinary shares in Barclays Africa Group, which represents approximately 22% of Barclays Africa’s issued share capital.

This follows receipt of the required regulatory approvals, including approval from the South African Minister of Finance, for Barclays PLC to reduce its shareholding in Barclays Africa to below 50%.

Barclays PLC announced on 1 March 2016 that it intended, over a two to three-year period, to reduce its shareholding in Barclays Africa. On 5 May 2016, Barclays PLC sold 103.6 million shares in Barclays Africa, reducing its shareholding to 50.1%.

The sell-down transaction announced today is in the form of an accelerated bookbuild, which has been activated, and is expected to be concluded overnight. The conclusion of the sale, which is expected to be announced tomorrow (Thursday, 1 June 2017), will see Barclays PLC’s shareholding reducing to below 50%.

“This transaction marks the next phase of Barclays Africa’s evolution as a standalone pan-African financial services group, committed to Africa,” said Maria Ramos, Barclays Africa CEO.