2nd Mar 2020 11:11
(Alliance News) - Investec Ltd on Monday said it has added two new members to its board as non-executive directors.
Geoffrey Qhena and Morris Mthombeni joined with effect Monday. Qhena was formerly the chief executive of South Africa's Industrial Development Corp.
Mthombeni was formerly non-executive director of insurer African Phoenix Investments Ltd.
Shares in the company were down 1.1% at ZAR77.99 each in Johannesburg on Monday afternoon. In London, shares were 1.9% lower at 384.50 pence each.
Earlier on Monday, Investec's asset management unit priced its shares for its upcoming initial public offering.
Ninety One PLC, which will be listing in London and Johannesburg on March 16, said the shares represent 10% of its stock which will be sold by the Investec group.
The shares in the offer will be priced between 190 pence and 235p, raising between GBP181.9 million to GBP226.1 million.
The net proceeds of the offering will be retained by the Investec group, Ninety One said.
It added: "Immediately following admission, assuming the global offer proceeds, Ninety One intends to have a free float representing 60% to 65% of Ninety One's combined total issued share capital."
The pricing range also implied a market capitalisation between GBP1.75 billion and GBP2.17 billion.
Investec Joint-Chief Executive Hendrik du Toit said: "Today marks another important milestone for Ninety One in the process leading up to its demerger and listing on March 16. In spite of the current backdrop of market volatility and uncertainty, we remain committed to the execution of this transaction, because of its long-term benefits. We are encouraged by significant investor interest."
By Eric Cunha; [email protected]
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