South Africa's RMB Holdings to Give Shareholders Its $8.8 Billion FirstRand Stake

South African investment firm RMB Holdings (RMH) said on Tuesday it planned to distribute among shareholders its stake in lender FirstRand , worth about 130 billion rand ($8.8 billion), as part of a restructuring, Reuters reported. RMH has an almost three-decade history of investing in financial services, and FirstRand was born out of the group. It is the bank’s largest shareholder with a 34% stake. RMH’s largest investor, Remgro Ltd, has an almost 4% stake in FirstRand. RMH said in a statement it had reviewed its investment portfolio and also decided to sell its 3.35 billion rand in property assets. “The board’s intention is to distribute the FirstRand shareholding to RMH shareholders and to monetise the property assets in an orderly manner over time,” the company said, without giving detailed reasons for the restructuring. Read more