Stanchart concludes purchase of Barclays custody business

In a statement, Stanchart says though undersubscribed by about 24 percent, funds from the rights issue will be used to purchase the business from fellow bank, Barclays Botswana.

Says the statement: "Standard Chartered announces the results of the Rights Issue in which the company raised approximately P137 million gross of expenses. 75.9 percent (7,808,702 shares) of the Offer Shares were taken up by shareholders and their renounces out of the 10,288,041 Offer Shares that were available for the Right Issue.