Wires

UPDATE 1-S.Africa Absa shareholder says to sell 3.4 pct stake

* To dispose nearly entire stake

* Shares down 2.6 percent(Adds details)

JOHANNESBURG, Oct 10 (Reuters) - South African blackempowerment group Batho Bonke Capital plans to sell 24.7 millionshares in Absa Group , a director for the consortiumsaid on Wednesday.

"Batho Bonke is in the process of disposing its shares,"Yolande Cuba, a director of Batho Bonke, told Reuters.

The sale would represent almost all of the group's stake inAbsa, Cuba said adding that a "lock in" period on the shares hadexpired in March last year.

The stake would be equivalent to roughly 3.4 percent ofAbsa's outstanding shares.

Absa is the South African bank majority owned by Barclays.

Batho Bonke acquired a 10 percent stake in Absa in July2004, according to the lender's website, in a deal to give blackpeople formerly disadvantaged during South Africa's apartheidera greater ownership in the country's companies.

Shares of Absa were down 2.6 percent at 134.85 rand.

(Reporting by Helen Nyambura-Mwaura; editing by David Dolan)

((david.dolan@thomsonreuters.com)(+27 11 775 3150)(ReutersMessaging: david.dolan@thomsonreuters.com@reuters.net))

Keywords: ABSA SHARES/

Related Tags