5th Mar 2020 16:10
(Alliance News) - Investec PLC on Thursday said the demerger of its asset management unit has become unconditional in South Africa, but still needs the approval of UK regulators.
All conditions of the spin-off of Ninety One PLC have been satisfied in South Africa. The UK portion of the demerger still needs the approval of Financial Conduct Authority, however.
Only then, can Ninety One begin trading in London.
Investec expects the UK and South Africa demergers to become effective on March 13, before Ninety One begins trading in London and Johannesburg the following Monday.
Investec shares were 3.7% lower at 378.00 pence each in London on Thursday afternoon. In Johannesburg, they closed 3.0% lower at ZAR76.40.
By Eric Cunha; [email protected]
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