LONDON (Thomson Financial) - Standard Bank Group Ltd, with its unit the
Standard Bank of South Africa Ltd, said it has entered into a strategic
partnership with Industrial and Commercial Bank of China Ltd (ICBC), pursuant to
which ICBC will become a 20 pct shareholder in Standard Bank Group.
The group said ICBC will pay about 5.5 bln usd to become a 20 pct
shareholder of the group, of which 3.1 bln usd will go to shareholders and 2.4
bln usd will be new proceeds to Standard Bank Group.
The group said ICBC will subscribe for Standard Bank Group shares,
representing 11.11 pct of the issued share capital, immediately prior to the
specific issue, which will result in ICBC acquiring 10 pct of the group after
the specific issue.
tfn.newsdesk@thomson.com
pvi/tsm/sal
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|