S.Africa's FirstRand falls after RMH says will transfer stake to its shareholders

  • Reuters
  • Stock Market News
S.Africa's FirstRand falls after RMH says will transfer stake to its shareholders
Credit: © Reuters.

JOHANNESBURG, Nov 20 (Reuters) - Shares in South African lender FirstRand FSRJ.J fell over 4% on Wednesday after its largest shareholder said it would distribute its stake in the group, worth around 130 billion rand ($8.80 billion), among its shareholders.

The market open on Wednesday was the first opportunity for investors to trade in FirstRand shares, after RMB Holdings RMHJ.J (RMH), an investment firm that gave birth to FirstRand, announced its plans late on Tuesday.

Shares in RMH, meanwhile, rose over 4%.

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