Questions are being asked about the way Barclays Africa’s bookbuild was conducted last week, when its UK parent sold nearly 34% of its shares, raising R37.7bn. Five domestic institutions received the lion’s share of the allocations left over after less than half of the total book went to foreign investors. Michael Wang, a director at Morgan Stanley & Co, one of the two joint bookrunners, said it would not comment on the identities of the South African shareholders on the Barclays Africa block "nor how they were selected". Société Générale and Deutsche Bank, which acted as co-bookrunners, also declined to comment. "Barclays plc sold the shares through the parties appointed to run the sale," said a Barclays Africa spokesman, who is not named in line with company policy. "Barclays Africa did not make any allocations to buyers." The spokesman said the shares had been placed "with a large number of institutional investors", with more than half sold to local investors and the rest going t...

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