Barclays PLC (LSE:BARC) said it plans to sell about 12% shares in its African business and expected the disposal can cash in £600 million and raise tier 1 capital ratio by roughly 10 bps. Jes Staley, Chief Executive Officer of Barclays, said, "This is an important first step as we seek to reduce our shareholding in Barclays Africa to a level that achieves accounting and regulatory deconsolidation." The bank said that it would sell 103.6 million shares in Barclays Africa Group Limited (JSE:BGA). About 10.3 million shares are to be sold to South African state pension fund, Public Investment Corporation (PIC).