London-based Barclays plc will ask its shareholders later this month to approve its plans to sell down its 62% stake in Barclays Africa (Absa) over the next two to three years, to a level at which it can deconsolidate it, probably below 20%.
This comes after the group confirmed its intention to sell as part of a strategy update with its annual results on 1 March.
Barclays posted a circular to shareholders on Tuesday calling a general meeting on 28 April, following its annual general meeting, at which the plan to dispose of the Barclays Africa stake will be voted on. This is a regulatory requirement by the UK listing authority.
The group provided no more detail on how or to whom it plans to sell the stake, which could be done as one deal or as many, but yesterday’s announcement mentioned as options an on-market disposal, a bought deal, or one done via a book-build offering.
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