South Africa's RMB Holdings to distribute FirstRand stake

  • Reuters
  • Stock Market News
South Africa's RMB Holdings to distribute FirstRand stake
Credit: © Reuters.

JOHANNESBURG, Nov 19 (Reuters) - South African investment firm RMB Holdings RMHJ.J (RMH) said on Tuesday it planned to distribute its stake worth about 130 billion rand ($8.8 billion) lender FirstRand FSRJ.J to shareholders as part of a restructuring.

"The FirstRand distribution ... will be net of the settlement of the FirstRand debt and associated costs, and an appropriate capitalisation of RMH," the company said.

RMH is FirstRand's largest shareholder with a 34.06% stake in the bank.

($1 = 14.7798 rand)

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