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Standard Bank to float 16% stake in Namibian unit

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Standard Bank to float 16% stake in Namibian unit

Standard Bank Namibia Ltd. plans to list on the local stock exchange through the sale of a 16% stake in an IPO for 8.90 Namibian dollars per share, The Namibian reported.

The planned offering is slated for Nov. 15, the report noted. The shares to be sold are among the 90% held by South Africa's Standard Bank Group Ltd. and will comprise 22 million new shares and 58 million existing shares.

As of Oct. 11, US$1 was equivalent to 14.75 Namibian dollars.