Takes its chips off the table after being unable to increase its bet.
Financial services group PSG announced today that it had liquidated its entire 15% stake in the JSE for a total of R679m. At current market prices, the stake was worth about R750m. It said the disposal was effected in a series of transactions in the open market. PSG said it expects to receive the cash by Friday.
PSG Chairman Jannie Mouton told Moneyweb that the shares were sold over a period of three to four months to who he suspects were foreign buyers. Mouton said he was happy that the price he received was fair.
Rationalising its sale, PSG said that it had been unsuccessful in its stated objective to increase its strategic investment in the JSE beyond 15%. This is because regulators would not allow it to own more shares.
Read more at MoneyWeb.co.za
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment