Absa to boost black ownership above 25%
The banking group announced a new BBBEE deal that equates to about R11.2bn based on the group’s recently calculated market value
Absa has announced a new broad-based BEE (BBBEE) transaction that will boost the black ownership levels of the banking group to above the 25% threshold outlined in the Financial Sector Charter.
The deal, which is set to be implemented later in 2023 subject to shareholder approval, will see 7% of the banking group’s total shareholding allocated to structures that benefit black South Africans through a corporate social investment (CSI) trust, while Absa employees will benefit through a staff trust. That equates to about R11.2bn based on Absa’s recent market value, making the transaction one of the largest BBBEE deals in recent times...
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