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Brimstone sells down stake in Life Healthcare

Company says disposal took place in various tranches and was completed on February 2.
Brimstone will now hold a 3.5% stake Life Healthcare. Picture: Shutterstock

South Africa’s Brimstone Investment Corporation said on Wednesday it had sold R362 million ($30.29 million) worth of shares in Life Healthcare Group, making it the second disposal announced this week.

Brimstone, whose businesses include fishing, insurance and clothing, said the disposal took place in various tranches and was completed on February 2. 

Following the sale, Brimstone will hold 51.3 million shares representing a 3.5% stake after selling 13.5 million shares in Life Healthcare, it said in a statement, without giving details on the acquirer.

This is the second disposal announced by the firm this week after it said on Tuesday its wholly-owned subsidiary Brim Tiger SPV had sold 1.8 million shares in South Africa’s biggest consumer foods maker Tiger Brands for R387 million.

“The total consideration received by Brimstone for the disposal will be used to repay certain outstanding debt funding obligations,” it said. ($1 = R11.94)

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