Nairobi, July 15 -- South Africa's Absa Group says it is ready to buy additional shares of Absa Bank Kenya in the open market beyond its current purchase of 895.9 million shares in the subsidiary through a tender offer.

The option means that Absa Group could use the transactions on the Nairobi Securities Exchange (NSE) to top up the difference should the tender offer fail to hit the target.

It also offers the multinational an opportunity to grow its ownership in the Kenyan subsidiary above 85 percent if the tender offer is fully subscribed.

Absa Group says there is no minimum level of acceptances in the tender offer.

"Absa Group reserves the right, subject to obtaining any necessary approvals ... to launch one or more additional tende...