The National Union of Metal Workers of SA (Numsa) is planning to list 360 Financial Services Group (360FSG), a subsidiary of its investment firm and owner of Doves funeral business, on the JSE in the next two years. The financial services arm accounts for about 98% of Numsa Investment Company (NIC), a R1bn-turnover-a-year business, according to group CEO Khandani Msibi. It offers a range of financial products, including retirement savings, health insurance, vehicle and household goods insurance and legal cover to Numsa’s 340,000 members and the public. "The reason [for the listing] is for us to release cash to execute other areas of our strategy, for instance for us to build the industrial division," Msibi told Business Day in an interview. "One of the things we get criticised for is that when factories are closed by employers — some because they are emigrating and some because they are mismanaged — we are unable to buy the factory because we don’t have the capital. So we want to re...
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