Absa hikes stake in Meeg
19/03/2008 09:09  - (SA)  

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Johannesburg - Absa Group Ltd. SA's largest retail bank, Wednesday said it has subscribed for additional ordinary shares in Meeg Bank Ltd. for R53m cash, resulting in its shareholding rising to a preliminary 74.5% from 49.7%.

The subscription price shall be equal to the audited net asset value per Meeg Bank ordinary share at March 31 and accordingly the preliminary number of shares subscribed for by Absa on March 7 will be adjusted once the March 31 year-end audited net asset value for Meeg Bank is determined.

Absa said it will make an offer to acquire 100% of the remaining Meeg Bank ordinary shares that it doesn't already own at a cash price equal to the audited net asset value per Meeg Bank ordinary share at March 31, plus a premium of 20%.

- Dow Jones