Barrick Gold Sells 13.5 Percent of African Barrick Holdings

Mineweb reported that Barrick Gold Corp. (TSX:ABX,NYSE:ABX) has sold 13.5 percent of its holdings in African Barrick Gold plc (LSE:ABG) to institutional investors. Previously, the company had tried to sell all of its African Barrick stake.

As quoted in the market news:

The disposal was conducted by means of a placement of 41 million ABG ordinary shares, representing 10% of the ordinary share capital of African Barrick and 13.5% of the parent company’s holding in ABG.

UBS, J.P. Morgan Securities and RBC Europe handled the sale. However, even after the sale, Barrick will still own 60% of ABG. In 2012 Barrick tried to sell the entire subsidiary to China National Gold Corp., but the two companies could not agree on price.

Click here to read the full Mineweb report.