Business News Writing - Africa2

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Here is a sample: Barclays has started the sale of its stake (62%) in its subsidiary Pan Barclays Africa Group Limited (BAGL), as was promised by the British group last March. In a statement released on Wednesday, May 4, Barclays announced the sale of 103.6 million common shares of BAGL, approximately 12.2% of the capital of its subsidiary Pan. The purchasers of these shares are institutional investors, including Public Investment Corporation (PIC), the public sector fund manager in South Africa, which has acquired 10.3 million shares from those sold by the parent BAGL, or 1.2% of the pan-African banking group. End of 2015, PIC was already the second largest shareholder of BAGL, with 5.6% of the capital. The identity of the other investors participating in the announced sale by Barclays was not disclosed. The sale of 103.6 million shares could yield more than 625 million pounds (797.12 million euros) to Barclays, as estimated by the Financial Times . The US daily The Wall Street Journal for its part considers that the amount of the transaction could reach 700 million pounds ($ 893 million).