RMI shares rally after Hastings sale negates need for rights issue
The transaction will allow RMI to book an R8.7bn profit after settling the UK short-term insurer’s debt
08 December 2021 - 12:02
Shares in Rand Merchant Investment Holdings (RMI) rallied on Wednesday after the company announced it has sold its stake in UK short-term insurer Hastings Group, negating the need for a planned rights issue.
The group, which owns the majority of Outsurance, sold its 30% stake in Hastings for R14.6bn to Nordic insurance group Sampo, which was a co-investor in the UK insurer via a 70% shareholding...
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