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Rand Merchant Investment Holdings (RMI) has unveiled a plan to tap shareholders for R6.5bn and unbundle its stakes in Discovery and Momentum Metropolitan, intending to narrow its focus upon its core short-term insurance businesses, while also seeking to reduce the discount at which its shares trade.

The insurer, which owns Outsurance and Hastings in the UK, said it already has support from about two-thirds of its shareholders for its strategic shift, expecting the unbundlings to occur in the second quarter of 2022...

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