RMH to sell FirstRand stake after shares tumble
The spinoff ends a 27-year tie-up between RMH and FirstRand
15 April 2020 - 18:54
RMB Holdings will spin off its stake in Africa’s biggest banking group by market value even after turmoil in global stock markets caused the shares of both companies to plunge.
The unbundling of FirstRand to RMH’s shareholders will unlock R5.4bn in value for investors of the holding company, who will now directly own equity in the banking group, Johannesburg-based RMH said in a statement on Tuesday...
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