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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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