Alexander Forbes cancels $56 mln plan to buy out shareholder

PUBLISHED: Mon, 23 Mar 2020 14:17:15 GMT

JOHANNESBURG (Reuters) – South African financial services group Alexander Forbes said on Monday a deal to purchase 200.8 million of its own shares from shareholder Mercer Africa for just over 1 billion rand ($56.36 million) was cancelled due to the impact of coronavirus on markets.

Investment company African Rainbow Capital (ARC) will still acquire 193 million Alexander Forbes shares from Mercer for a similar price, increasing its shareholding to 33.9%, as planned.

($1 = 17.7426 rand)

(Reporting by Emma Rumney; Editing by Kim Coghill)

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