Data provided by iNet BFA
Loading...
See More

MMI shares fall on listing

Dec 01 2010 14:16 Reuters & Fin24

Company Data

MMI Holdings Limited [JSE:MMI]

Last traded 25.09
Change -0.2
% Change -0.01
Cumulative volume 9825884
Market cap 39.39bn

Last Updated: 22/07/2014 at 04:26. Prices are delayed by 15 minutes. Source: McGregor BFA

RMB HOLDINGS LIMITED [JSE:RMH]

Last traded 56.01
Change 1.01
% Change 0.02
Cumulative volume 445730
Market cap 79.07bn

Last Updated: 22/07/2014 at 04:24. Prices are delayed by 15 minutes. Source: McGregor BFA

FIRSTRAND LIMITED [JSE:FSR]

Last traded 43.55
Change 0.97
% Change 0.02
Cumulative volume 5201072
Market cap 245.53bn

Last Updated: 22/07/2014 at 04:25. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

MMI Holdings unveils new structure

'Metromentum' to be listed as MMI

Insurers seek clarity on jobs loss order

Insurers to appeal retrenchment ruling

Momentum, Metropolitan explain appeal

Metropolitan backers reap rewards

 
Johannesburg - Shares of MMI Holdings fell 1.8% to R15.99 on the insurer's listing on the JSE on Wednesday.

MMI's shares replace Metropolitian, after Metropolitian Holdings was acquired by unlisted rival Momentum.

MMI said that the listing was the culmination of eight months of "intensive" negotiations and the merger represented one of South Africa’s largest and most complex financial services transactions.

"This is a significant day in our history and I feel very proud that we have come this far. The merger process was comprehensive, and sometimes difficult, but the fact that we are listing today is confirmation of the compelling business case the merger presents," said Nicolaas Kruger, group CEO of MMI. 

FirstRand [JSE:FSR] shareholders now hold 59.3% of MMI with Metropolitan shareholders owning 40.7%. FirstRand would unbundle all of its shares, leaving RMB Holdings [JSE:RMH] with a 17.9% stake in MMI.

‘Whilst Momentum has significantly benefited from its time as part of the FirstRand Group the opportunity to carve its own niche in the financial services industry through this powerful new partnership with Metropolitan is an exciting challenge for us," said Kruger.

MMI said that if it was measured by requirements of the Financial Sector Charter, it would have a black empowerment shareholding of at least 14.4%, with Kagiso Trust Investments holding 9.6% of the shares.

MMI has an embedded value of about R30bn and total assets under management in excess of R400bn, it said.

It will have a combined retail and employee benefits presence in 12 African countries as well as a multi-management business in the United Kingdom. MMI will also have a secondary listing on the Namibian Stock Exchange.

"I believe our African footprint will offer us a wealth of exciting growth opportunities. Whereas Metropolitan has a well-established retail presence in seven African countries, Momentum has built a health and employee benefits presence in 11 African countries. This combination allows for collaboration that will create a broader geographic presence, and provide a greater diversity of products in these and other African countries," said Kruger.

MMI has retained two separate retail business units, with Momentum Retail and Metropolitan Retail, under the leadership of Johann Le Roux and Phillip Matlakala respectively.

MMI’s Investments division (comprising asset management, collective investments, multi-management, property, and international investments) will be headed by Morris Mthombeni.

Employee benefits, focused on the South African corporate sector, will fall under Etienne de Waal.

The healthcare administration and funding businesses of Metropolitan and Momentum will be the responsibility of health CEO Blum Khan.

The international business, predominantly focused on Africa, will be led by Mervyn Cookson.
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
2 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

OneRandMan learns how money really works

National Savings Month is not only this month, it is every month from your very first salary slip, an expert warns OneRandMan and all South Africans.

 
 

Start saving...

Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account
All about endowments

Money Clinic

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