Capitec dips on stake sale
14 May 2015 - 02:05
Capitec Bank shares fell as much as 5.9% after Investec sold a stake in the lender on behalf of Africa's biggest fund administrator at less than the last closing price. Investec managed the sale of 3.7million shares at R505 each on Tuesday in a transaction valued at R1.87-billion, the bank said.The offer was "well oversubscribed", it said. The price was 6.5% below Tuesday's close for Capitec.Investec was acting on behalf of the Public Investment Corporation's Isibaya Fund. Isibaya was set up to invest in development projects and had held 5.2million Capitec shares since 2012.Capitec spokesman Charl Nel said the bank welcomed the deal as it enhanced its black economic empowerment status...
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