logo

Alexander Forbes cancels $56 mln plan to buy out shareholder

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

Share

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)

This article was first published on Reuters Africa https://af.reuters.com/article/investingNews/idAFKBN21A0NW-OZABS and is republished with its permission.


Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent. Sign up here.

RELATED