Stanbic Africa Holdings acquires additional 11.35% shares in Stanbic IBTC

Stanbic IBTC Holdings Plc. Thursday announced that Stanbic Africa Holdings, a wholly owned subsidiary of Standard Bank Group and parent company of Stanbic IBTC Holdings has acquired an additional 1,141,191,943 (one billion, one hundred and forty one million, one hundred and ninety one thousand, nine hundred and forty three) ordinary shares in Stanbic IBTC Holdings PLC in an “Off-Market” transaction.

In a signed document sent to the Nigerian Stock Exchange (NSE), the company’s secretary, Chidi Okezie said that “with this acquisition, the total percentage shareholding of Stanbic Africa Holdings Limited in Stanbic IBTC has increased by 11.35% from 53.09% to 64.44% post this transaction”.

Stanbic IBTC Holdings Plc. reported a 22 percent growth in earnings for the quarter ending March 31, 2018 with gross earnings of N57.4 billion from N47 billion in the corresponding quarter of 2017. It also reported 43 percent increase in its profit after tax