November 19, 2019 / 4:02 PM / 19 days ago

South Africa's RMB Holdings to distribute FirstRand stake

JOHANNESBURG, Nov 19 (Reuters) - South African investment firm RMB Holdings (RMH) said on Tuesday it planned to distribute its stake worth about 130 billion rand ($8.8 billion) lender FirstRand 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 Reporting by Emma Rumney; Editing by Edmund Blair

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