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Report: South African investors seek to buy 10% stake in Barclays Africa

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Report: South African investors seek to buy 10% stake in Barclays Africa

A consortium of South African investors seeks to buy a 10%stake in Barclays Plcunit Barclays Africa GroupLtd., Bloomberg News reported April 8, citing a person familiar withthe matter.

Three people with knowledge of Barclays' plans told the newsagency on April 7 that the bank wants to offload an initial 10% of BarclaysAfrica Group to a group of large investors, but remains open to its entire 62.3% stake.

The group of investors — including Public Investment Corp.,which currently holds a 5.6% stake in Barclays Africa Group — is expected tomeet the parent in the week of April 11, Bloomberg said. It added that theinvestors are likely to request a discount for the unit because of SouthAfrica's weakening economy. The news agency estimates that theBarclays subsidiary has a market value of 112 billion South African rand.

As of April 7, US$1 wasequivalent to 15.23 South African rand.