{"id":6010,"date":"2011-12-12T12:13:00","date_gmt":"2011-12-12T10:13:00","guid":{"rendered":"http:\/\/www.myza.co.za\/12\/update-1-royal-bafokeng-to-pay-650-mln-to-up-rmb-stake\/"},"modified":"2011-12-12T12:13:00","modified_gmt":"2011-12-12T10:13:00","slug":"update-1-royal-bafokeng-to-pay-650-mln-to-up-rmb-stake","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-1-royal-bafokeng-to-pay-650-mln-to-up-rmb-stake\/","title":{"rendered":"UPDATE 1-Royal Bafokeng to pay $650 mln to up RMB stake"},"content":{"rendered":"

\t\t<\/span><\/p>\n

* Bafokeng ups stake to 15 pct<\/span><\/p>\n

<\/span><\/p>\n

* RMB founders, Remgro sellers<\/p>\n

(Adds details, shares)<\/p>\n

<\/span><\/p>\n

JOHANNESBURG, DEC 12 – South Africa’s Royal Bafokeng
\nHoldings will pay $650 million to lift its holding in two
\naffiliates of banking group FirstRand, whose founders
\nare selling down their stakes after four decades of dominance in
\nSouth African finance.<\/p>\n

<\/span><\/p>\n

Royal Bafokeng, a black-owned investment firm, will pay 5.3
\nbillion rand ($652 million) to increase its stake in RMB
\nHoldings and RMI Holdings to 15 percent from 5
\npercent now, RMB said in a statement.<\/p>\n

<\/span><\/p>\n

RMB Holdings owns nearly 34 percent of FirstRand, South
\nAfrica’s second-largest bank. RMI Holdings owns stakes in some
\nof South Africa’s largest insurance companies, and was spun off
\nfrom RMB Holdings earlier this year.<\/p>\n

<\/span><\/p>\n

RMB’s founders — GT Ferreira, Paul Harris and Laurie
\nDippenaar — are selling down their ownership after years of
\nbuilding and managing one of the most formidable banks in
\nAfrica’s top economy.<\/p>\n

<\/span><\/p>\n

“As we scale back our active involvement in the businesses,
\nwe, the founders have to face up to two main responsibilities —
\nensuring proper managerial succession, and appropriate
\nsuccession as strategic shareholders,” Ferreira said in a
\nstatement.<\/p>\n

<\/span><\/p>\n

Royal Bafokeng will pay 4.5 billion rand for 9 percent of
\neach company, 5 percent of which will come from the founders and
\n4 percent from investment firm Remgro, which also has
\nties to RMB’s founders.<\/p>\n

<\/span><\/p>\n

Royal Bafokeng has already purchased an additional 1 percent
\nin both companies on the open market, bringing the total size of
\nthe deal to 5.3 billion, RMB said.
\n\u00a0 Continued…<\/strong><\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

* Bafokeng ups stake to 15 pct * RMB founders, Remgro sellers (Adds details, shares) JOHANNESBURG, DEC 12 – South Africa’s Royal Bafokeng Holdings will pay $650 million to lift its holding in two affiliates of banking group FirstRand, whose founders are selling down their stakes after four decades of dominance in South African finance. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-6010","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=6010"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6010\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=6010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=6010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=6010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}