Rand Merchant Investment details OUTsurance pivot

Holding group Rand Merchant Investment says it is in the process of transitioning and rebranding from RMI to OUTsurance Group, following the unbundling of its investments in Discovery and Momentum Metropolitan and the sale of the group’s 30% interest in Hastings Group.

“Both strategically and structurally, landmark decisions were made to unbundle its shareholdings in two strong South African life insurance brands, Discovery and Momentum Metropolitan, sell its investment in the lucrative British market, Hastings, and not to continue with an active investment strategy and further geographic expansion but to embark on an orderly and managed transition to a structure that represents an effective listing of OUTsurance.

In addition to this, RMI said it paid a special dividend of R2.2 billion and a normal dividend of R1 billion. The group said its total shareholder return since listing in 2011 amounted to 453.5%. “The RMI board of directors concluded that it is in the best interests of shareholders not to continue with the active investment strategy and decided to embark on an orderly and managed transition to a structure that represents an effective listing of OUTsurance,” it said.

RMI’s investments in RMI Investments Managers and the AlphaCode fintech portfolio will be housed under RMI Treasury Company Limited , and its investment in OUTsurance will remain under OUTsurance Holdings Limited.Simpler operational structure offering a single access point to OUTsurance;

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US, SA set up joint task force on trade and investment: Ramaphosa[PRESIDENT’S DESK] President Joe Biden and I agreed that we must do more to increase business between our two countries... First and foremost, we have to overcome the electricity crisis. Moneyweb Investment Loadshedding There is no crisis at Eskom just your creation. I have always hated Bitcoin and thought it was a scam until a friend referred me to Allison_Grillo, I made my first withdrawal of R100,000 in 2 weeks thanks to Allison_Grillo. This so-called el presidente is not fit for the post. He likes sugarcoating bad stuff as if he's under control. He's just incompetent like his predecessor. This power crisis is here got us back to the stone age and cavemen era,, It doesn't bother him.
Source: Moneyweb - 🏆 5. / 77 Read more »