You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App
Join our mailing list to receive top business news every weekday morning.

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)

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   0

You must be signed in to comment.

SIGN IN SIGN UP

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: