Data provided by McGregor BFA
All data is delayed
Loading...
See More

FirstRand sells off Outsurance

Dec 15 2010 12:15 I-Net Bridge

Company Data

RMB HOLDINGS LIMITED [JSE:RMH]

Last traded 50.14
Change 0.72
% Change 0.01
Cumulative volume 621483
Market cap 70.78bn

Last Updated: 17/04/2014 at 04:27. Prices are delayed by 15 minutes. Source: McGregor BFA

FIRSTRAND LIMITED [JSE:FSR]

Last traded 37.93
Change 0.44
% Change 0.01
Cumulative volume 3531861
Market cap 213.85bn

Last Updated: 17/04/2014 at 04:28. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

FirstRand, BJM deal gets nod

What’s going on at RMB?

FirstRand still a buy: Analysts

FirstRand waiting on RMB rebound

RMB earnings take steep rise

RMBH rejects Outsurance listing

 
Johannesburg - FirstRand [JSE:FSR] said on Wednesday that it has agreed to sell its 45% stake in short-term insurer Outsurance to RMB Holdings [JSE:RMH] for R3.75bn.

FirstRand chief operating officer Johan Burger said the transaction presented the perfect opportunity to unlock value for FirstRand shareholders.

"Outsurance was a joint creation between FirstRand and management in 1998 and is a good example of FirstRand's long-term strategy to create shareholder value through the start up of completely new businesses," said Burger.

"Given the structure of our shareholding, we had limited liquidity options so therefore this deal provides us with the perfect opportunity to realise the significant value that has been created over the past 12 years," he said.

"Outsurance is a fantastic business but is a non-strategic asset, in that it does not sell directly to FirstRand's banking clients.

"Following the disposal of our stake, we will still have a number of integrated insurance operations within the group and we continue to see the sale of insurance products to our banking customers as a significant area of growth."
outsurance  |  rmb holdings  |  firstrand
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
4 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

An uncomfortable election

The latter few weeks of election 2014, have seen South Africans reeling from an assault on their comfort zone when it comes to voting, writes Daniel Silke

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...