B-BBEE Transaction Update
ABSA GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number: 1986/003934/06
JSE share code: ABG
Bond issuer code: ABGI
(“Absa Group” or “Absa”)
B-BBEE TRANSACTION UPDATE
In September 2017, Barclays PLC transferred 1.5% of its shareholding in Absa Group, then
known as Barclays Africa Group Limited, to an interim structure (the “Absa Empowerment Trust”)
created to facilitate a new Broad-Based Black Economic Empowerment (“B-BBEE”) transaction
for Absa. Since then, the Absa Empowerment Trust has utilised dividends received from Absa to
purchase additional shares, increasing its stake in Absa to approximately 1.9%.
Work on the development of a new Absa B-BBEE scheme was put on hold in 2020 as market
conditions were not conducive during the Covid-19 pandemic and economic downturn. However,
with market conditions improving, we have re-engaged advisors and are again considering
implementing a new B-BBEE ownership transaction.
Although work is still ongoing, it is currently envisaged that the scheme will be broad-based, will
include both third party investors and staff, and that it could constitute up to 8% of Absa’s share
capital, inclusive of the Absa Empowerment Trust shares.
Full details of the proposed scheme, which will be subject to shareholder and other approvals,
are expected to be published in a terms announcement later this year, once the design has been
finalised, with implementation expected in 2022.
22 September 2021
(+27 72) 576-2713
Lead Independent Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
Absa Bank Limited (Corporate & Investment Bank)
Date: 22-09-2021 07:30:00
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