A United Kingdom-based firm, Stanbic Africa Holdings Limited has increased its control in Stanbic IBTC after acquiring more shares in the Nigerian lender.
In a notice sent to investing public on Friday, the UK-based lender said it acquired a total of 1,362,606 ordinary shares valued at N53.14 million in Stanbic IBTC on Wednesday.
This increased Stanbic Africa’s total shareholding in the Nigerian lender from 7.443 billion to 7.444 billion.
The development gave the investor 67.02 percent control in Stanbic IBTC.
However, Stanbic Africa’s latest investment in the Nigerian lender was not enough to stop investors from selling off their shares on Wednesday and this caused shareholders N647.84 million in profit.
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