Investec to spin off asset management business Ninety One
The group said the global offer would consist of up to approximately 10 percent of the combined total issued Ninety One shares to be sold to new or existing institutional investors.
The intention to float follows the announcements by Investec plc and Investec Limited in February regarding the successful outcome of the Investec shareholder vote to proceed with the demerger and listing of Ninety One.
Investec said that Ninety One plc shares would be listed on the Main Market of the London Stock Exchange (LSE), with a secondary inward listing on the JSE and the Ninety One Limited shares would be listed on the JSE after the demerger.
Ninety One had £121 billion (R2.36 trillion) in assets under management at the end of September and it intends to have a free float of 60 percent to 65 percent of its issued shares. The group expects to make its debut on March 16 on both stock exchanges.
Source: iol.co.za