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The R500m deal between Conduit Capital and Mmuso Consortium first announced in December 2021, which would have injected capital in exchange for the right to subscribe for redeemable convertible preference shares, has collapsed.

Conduit Capital, which has stakes in insurance businesses, entered into an agreement with Mmuso Capital, which is acting on behalf of a group of investors under the banner Mmuso Consortium, which would have seen Mmuso gain a majority stake and give it the power to appoint a new CEO...

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