![]() ![]() ![]() The sale of shares has been delayed due to political issues in South Africa, notably marked by the firing of Finance Minister Pravin Gordhan in late March. The new strategy involved ending the bank’s century-long presence in Africa. Last year, Barclays Chief Executive Officer Jes Staley announced that the group is restructuring in a way to focus its operations around the United States and the United Kingdom. Moreover, 10 percent of Barclays Africa shares were allocated to a South African black empowerment scheme, working toward the inclusion of black stakeholders. However, amid high investor demand, the bank sold more shares than anticipated, offloading 33.7 percent of shares and raising $2.85 billion. This week, the bank originally planned to sell 22 percent of its shares in Barclays Africa, reducing its holding to 28 percent. In May 2016, the bank sold 12.2 percent of its shares to fund managers in South Africa and abroad. On Thursday, Barclays PLC announced that it completed the sale of share in its African business, reducing the shares it owns to 15 percent, down from the 62.3 percent of shares it owned when the sale was first announced in March 2016. In fact, President Uhuru Kenyatta has threatened future vandals, saying, “I will pass a law for them to be hanged.” Barclays moves forward with Africa market exit ![]() Critics worry over the high price of the rail, threats to wildlife (ten elephants died during the construction of the railway and the Madaraka goes through two wildlife habitats), and vandalism. The line has not been without controversy. The project is also a part of China’s larger “One Belt, One Road” initiative to expand China’s influence across Asia, Europe, and Africa through infrastructure development and increased trade. The Madaraka Express, which launched 18 months early, is just the start of a national, and then regional, project to connect six more Kenyan cities and then extend to Uganda, the Democratic Republic of Congo, Rwanda and Burundi, South Sudan, and Ethiopia. ![]()
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