RAC gains controlling stake in Astoria
DURBAN – RECM AND CALIBRE (RAC) has increased its stake in Astoria Investments to 78.45percent after acquiring more than 60million shares in the investment company for R2.40 a share.
RAC previously held a 29.4percent stake in Astoria Investments.
The shares were acquired through its wholly owned subsidiary, Livingstone Investments.
The group said the shares were acquired from Hampden Capital, Legae Peresec and various portfolios managed by 36ONE Asset Management for an aggregate cash consideration of R144.72million.
RAC said its majority stake in Astoria allowed it to impose an obligation on RAC, acting through Livingstone, to make a mandatory offer to acquire all the remaining voting shares of Astoria, not already owned by RAC, under rule 33 of the Mauritian Securities Takeover Rules.
Source: iol.co.za
