Absa gains Sh7bn as parent firm offers premium price

Absa to raise Kenya unit stake via $238mln tender offer

Move signals confidence ‌in Kenya and East Africa growth

Absa to raise Kenya unit stake via $238 million tender offer

Absa Group says it plans to increase its stake in Absa Bank Kenya to as much as 85% through a tender offer worth about $238 million (about R4 billion). South African banks have been stepping up acquisitions in East Africa, filling a vacuum left by ​retreating European banks and riding a wave of increased continental trade and investments into energy and infrastructure. Absa, which holds around 68.5% of Absa Bank Kenya, is offering 34.50 Kenyan s…

Absa gains Sh7bn as parent firm offers premium price

Absa Bank becomes the latest lender to stage major share price gains catalysed by mergers and acquisitions announcements.