JOHANNESBURG - Banking group Barclays Africa said on Friday it had received formal notification that its London-based parent company had reduced its stake to 14.9 percent from 21.9 percent.

In June the company said Barclays had cut its total interest to 23.4 percent from 50.1 percent, as part of a sell-off strategy first announced in March 2016. 

It said the parent company would in addition contribute 1.5 percent to a broad-based black economic empowerment scheme, while 7 percent would be taken up by the Public Investment Corporation, subject to regulatory approval.

On Friday, Barclays Africa said the U.K group had transferred the 7 percent earmarked for the PIC to the local subsidiaries of two international financial institutions on November 30, and that the PIC would ultimately take control of the stake upon receiving a nod from regulators.

"Barclays Africa shareholders are advised that Barclays Africa has received formal notification from Barclays that its total interest in Barclays Africa has been reduced to 126,145,303 ordinary shares from 185,487,851 ordinary shares," it said.

- AFRICAN NEWS AGENCY