RMI maps expansion beyond Africa after unbundling Discovery and Momentum
The strategy will be to narrow its focus to non-competing champions of short-term insurance in the right countries
Rand Merchant Investment Holdings (RMI) is weighing expansion beyond Africa as it seeks to diversify its portfolio and tap revenue outside its home continent after the unbundling of its stakes in insurers Discovery and Momentum Metropolitan.
The group said on Monday it would unbundle its 25% stake in Discovery and a 27.3% holding in Momentum Metropolitan to narrow its focus on short-term property and casualty insurance, which it would continue to drive in SA via its 89.1% investment in Outsurance. RMI will also issue as much as R6.5bn in new shares to help pay down almost R12bn in debt...