Standard Bank Group has increased its shareholding in Nedbank Group, crossing the five per cent threshold and triggering a mandatory disclosure under South Africa’s company and stock exchange regulations.
In a recent notice, Nedbank Group Limited confirmed it had received formal notification that Standard Bank had, in aggregate, acquired a larger beneficial interest in its ordinary shares. The disclosure was made in compliance with the Companies Act and the JSE Limited Listings Requirements.
According to the notice, Standard Bank’s total holding now stands at 5.57 per cent of Nedbank Group’s issued ordinary shares. Nedbank stated that it had been informed that Standard Bank had “acquired an interest in the ordinary shares of Nedbank Group, such that the total interest in the ordinary shares of Nedbank Group held by Standard Bank now amounts to 5.57% of the total issued ordinary shares of Nedbank Group.”
The disclosure applies to Nedbank shares listed on the Johannesburg Stock Exchange, Namibian Stock Exchange, and A2X, where the group trades under the share code NED.
Nedbank also confirmed that it has filed the required notice with the Takeover Regulation Panel, a procedural requirement following changes in significant beneficial ownership. The group’s board accepted responsibility for the accuracy of the information contained in the announcement, noting that it relied on the notification provided by Standard Bank.
The update provides the market with clarity on shareholder movements within Nedbank Group, though no indication was given of any change in control or intention by Standard Bank to pursue further corporate action.
