South African financial services company Standard Bank is seeking to buy an extra 6.9 percent stake worth about 2.6 billion shillings ($25.9 million) in Kenyan peer Stanbic Holdings.

Standard Bank had planned to buy a total of 59 million shares in the Nairobi securities exchange-listed firm at $0.026 each, valuing the offer that ran from May 21 to July 3 at $55 million.

Shareholders controlling 31.6 million shares worth $29 million accepted the offer, raising its stake to 68.01 percent from the previous 60 percent.

Standard Bank has applied to the capital markets authority to be allowed to buy more shares in the open market to hit its target.