The JSE opened weaker on Thursday as resources slumped and market focus was on the banking sector following Barclays plc’s decision to sell a bigger chunk in Barclays Africa than previously announced. On Thursday morning, Barclays plc announced it had sold 33.7% of Barclays Africa’s issued share capital at a price of R132 per share, after previously announcing it would sell 22%. This was due to strong investor demand, the group said. The significance of the sell-down is that Barclays plc would no longer be the controlling shareholder of Barclays Africa, which now has a diverse shareholder portfolio, the group said. Barclays plc has reduced its shareholding in Barclays Africa to 23.4%, with a further 7% to be taken up by the Public Investment Corporation (PIC) at a later date. That means both would have a roughly equal stake in Barclays Africa, with additional shareholder, based on a planned staff share scheme as well as a broad-based black empowerment scheme, set to be announced lat...
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