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Johannesburg - Shares of Hosken Consolidated Investments
[JSE:HCI] jump as much 9% after it said it will spin off some of its holdings
into a new listed business and allow shareholders to swap HCI stock for those
of the new entity, Niveus Investments.
HCI, whose portfolio includes holdings in gaming, hotels,
beverages and media, will spin off into Niveus several stakes including its
holding in wine and spirits maker KWV.
The investments that will make up Niveus have been
historically overlooked by investors, who have focused on higher profile HCI
investments, the company says.
HCI says it will swap 11.95 shares in Niveus for every one
of its own shares.
HCI shares are up 3.2% at R86.15 after briefly rising nearly 9%.
