Shares in Rand Merchant Investment Holdings rallied on Wednesday after the company announced it had sold its stake in UK short-term insurer Hastings Group, thereby negating the need for a planned rights issue.
The group, which owns the majority of Outsurance, sold its 30% stake in Hastings for R14.6bn to Nordic insurance group Sampo, which was a co-investor in the UK insurer via a 70% shareholding...A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
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