South African investment firm RMB Holdings to buy stake in Mall of Africa developer

  • Reuters
  • Stock Market News
South African investment firm RMB Holdings to buy stake in Mall of Africa developer
Credit: © Reuters.

JOHANNESBURG, May 3 (Reuters) - South African investment
firm RMB Holdings Ltd . RMHJ.J plans to expand its portfolio by
buying a stake in unlisted Atterbury, builder of the Mall of
Africa, one of the largest shopping venues in the country.
RMB Holdings Limited RMHJ.J , which holds a 34 percent
stake in FirstRand FSRJ.J , the largest banking group by value
in Africa's most industrialised economy as its only major asset,
said on Tuesday it will buy 25.01 percent of Atterbury.
Although it did not put a price on the cost of investment
for Attebury, RMB Holdings said in the statement it would fund
the deal through preference shares.
RMB Holdings said in a statement it aimed to use Atterbury
to spearhead its retail and industrial property business.
The Mall of Africa, which opened its doors last week,
targets consumers in Midrand a middle-class suburb north of the
commercial hub of Johannesburg.
"We thought it was a missing element of our overall
portfolio," RMB Holdings Chief Executive Herman Bosman told
Reuters, referring to property investments.
Shares in RMB Holdings fell 4.60 percent on the bourse by
1358 GMT, as stocks tumbled across the board tracking a sell-off
in emerging markets.

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