Streaming issues? Report here
Aubrey Masango 1500 x 1500 2020 Aubrey Masango 1500 x 1500 2020
The Aubrey Masango Show
20:00 - 00:00
volume_up
volume_mute

The Aubrey Masango Show
20:00 - 00:00
Home
arrow_forward
Business

RMI shares up 14% on news of Discovery, Momentum unbundling

20 September 2021 6:29 PM
Tags:
RMI
JSE
The Money Show
Bruce Whitfield
Discovery
Rand Merchant Investment Holdings
Momentum Metropolitan
Herman Bosman

Arabile Gumede interviews RMI CEO Herman Bosman.

Rand Merchant Investment Holdings (RMI) will unbundle its shareholding in Discovery and Momentum Metropolitan.

It is seeking to focus more intently on its short-term insurance business and to shrink the discount at which its shares trade.

The company also intends to issue shares worth R6.5 billion.

© piren/123rf.com

The RMI share price skyrocketed by more than 14% on Monday.

Arabile Gumede (in for The Money Show’s Bruce Whitfield) interviewed RMI CEO Herman Bosman (scroll up to listen).

We’ve had a fantastic partnership with these two companies… In 1992… We put in R10 million [into Discovery] – a return of 8500 times the market cap today…

Herman Bosman, CEO - Rand Merchant Investment Holdings

The market is calling for a sharper focus… We want unlisted, non-competing stocks…

Herman Bosman, CEO - Rand Merchant Investment Holdings

Outsurance, of which we own 90%... is amazingly cash-generative… We see great growth potential… We want a network of noncompeting short-term insurers…

Herman Bosman, CEO - Rand Merchant Investment Holdings

We want to reduce our debt to R6 billion…

Herman Bosman, CEO - Rand Merchant Investment Holdings

This article first appeared on CapeTalk : RMI shares up 14% on news of Discovery, Momentum unbundling




20 September 2021 6:29 PM
Tags:
RMI
JSE
The Money Show
Bruce Whitfield
Discovery
Rand Merchant Investment Holdings
Momentum Metropolitan
Herman Bosman

More from Business