March 10, 2014 / 5:35 PM / 4 years ago

Barrick to sell part of its stake in African Barrick

TORONTO, March 10 (Reuters) - Barrick Gold Corp said on Monday it plans to sell about 13.5 percent of its holdings in its majority-owned subsidiary African Barrick Gold .

Toronto-based Barrick, which owns a roughly 74 percent stake in Barrick, will still own a majority position in the company following the sale.

The sale of the 41 million African Barrick shares represents about 10 percent of the company’s outstanding share base.

The shares will be sold to institutional investors and Barrick has appointed UBS Ltd, J.P. Morgan Securities and RBC Europe Ltd to act as joint book runners in relation to the deal.

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