RMB and Remgro announce landmark restructuring
In a landmark deal that coincides with the final steps in the departure of FirstRand’s three founders, its parent company RMB Holdings said on Tuesday it would be distributing its R130bn shareholding in the banking group to shareholders.
Concurrently, Johann Rupert’s investment holding company Remgro also notified the market after trading closed that it intends to distribute its 28% stake in RMB Holdings to shareholders. RMB Holdings has a 34.1% stake in FirstRand. ..