ASA - Absa Group - Sale by ABSA of its 50% shareholding in Banco Comercial
ASA
AMAGB
ASA - Absa Group - Sale by ABSA of its 50% shareholding in Banco Comercial
Angolano Sarl
ABSA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/003934/06)
ISIN: ZAE000067237
JSE share code: ASA
Issuer code: AMAGB
(Absa or Absa Group or the Group)
SALE BY ABSA OF ITS 50% SHAREHOLDING IN BANCO COMERCIAL ANGOLANO SARL
Absa Group has sold its 50% shareholding in Banco Comercial Angolano Sarl (BCA)
to six of the current BCA Angolan shareholders for an undisclosed sum. All
conditions, including relevant regulatory approvals as well as pre-emptive
rights over the said shares in favour of the remaining 22 BCA Angolan
shareholders, have been fulfilled.
Absa Group`s strategy is to obtain controlling shareholdings in banks in
selected countries in Africa. Absa was unable to obtain outright control of BCA
and has therefore decided to dispose of its shareholding. Absa`s sale of its
interest in BCA will re-instate full ownership of the bank in the hands of the
Angolan shareholders.
Angola remains an attractive market to Absa and the Group shall consider
opportunities to invest should they arise.
The size of the transaction falls below the category 2 threshold of 5% of the
market capitalisation of Absa in terms of the Listings Requirements of the JSE
Limited and accordingly this announcement is made by Absa on a voluntary basis.
Johannesburg
12 June 2009
Sponsor:
JP Morgan Equities Limited
Enquiries:
Absa Group Investor Relations
Ms Nerina Bodasing
Tel: +27 11 350 2598
Fax: +27 11 350 6487
Email: nerina.bodasing@absa.co.za
Date: 12/06/2009 08:47:02 Produced by the JSE SENS Department.
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