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Rand Merchant Bank (RMB) does not intend to get involved in the running of sugar and property development group Tongaat following the unwinding of the empowerment structure, which has left it with a 9.07% stake in the troubled company.
RMB CEO James Formby would not be drawn on the extent of the losses taken on the broad-based BEE (BBBEE) structure that was put in place in 2007 but said it was not a material amount and had already been provided for by the bank.
Formby told Business Day on Wednesday the bank’s decision to exercise its right to acquire 12.3-million Tongaat shares at 1c a share was prompted by the recent collapse in the Tongaat share price. The share, which has been on a declining trend since January 2017, dropped sharply in March after the board announced it had launched a review of past accounting practices. The board told shareholders the review could affect previously reported financial information. The share price has dropped 62.52% to R20.91.Formby said that the...
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