BRIEF-African Rainbow Capital Investments Says Regulatory Approval Secured To Buy TymeDigital

  • Reuters
  • Stock Market News
BRIEF-African Rainbow Capital Investments Says Regulatory Approval Secured To Buy TymeDigital
Credit: © Reuters.

Nov 2 (Reuters) - African Rainbow Capital Investments Ltd AILJ.J :

* REGULATORY APPROVAL SECURED TO ACQUIRE TYMEDIGITAL

* CONTROLLING SHAREHOLDER AFRICAN RAINBOW CAPITAL GOT APPROVAL FROM PRUDENTIAL AUTHORITY OF SOUTH AFRICAN RESERVE BANK

* APPROVAL TO ACQUIRE 90% OF TYMEDIGITAL BY COMMONWEALTH BANK SA

* DEAL TO BE EFFECTED THROUGH ARC'S 50,1% HELD UNIT, ARC FINANCIAL, FOLLOWING WHICH FINHOLDCO WILL BECOME 100% OWNER OF TYMEDIGITAL

* ARC FUND, AN EN COMMANDITE PARTNERSHIP IN WHICH ARC INVESTMENTS IS A LIMITED PARTNER, HOLDS 49.9% OF FINHOLDCO

* TYMEDIGITAL WILL CHANGE ITS NAME TO TYMEBANK WHEN IT OFFICIALLY LAUNCHES TO SOUTH AFRICAN PUBLIC

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