Published: Wednesday, 15 December 2010 14:42
Royal Bafokeng Holdings announced today that it has agreed with RMB Holdings Limited to acquire a 5% interest in RMBH for R2.5 billion.
Royal Bafokeng Holdings (Pty) Limited (RBH) announced today that it has agreed with RMB Holdings Limited (RMBH) to acquire a 5% interest in RMBH for R2.5 billion.
This investment forms a part of the restructuring of RMBH, a key feature of which is the separation of RMBH’s banking and insurance interests.
In terms of the RBH investment, RBH will hold 5% of the banking component, RMBH, and 4.9% of the insurance component, to be known as Rand Merchant Insurance Holdings Limited (RMI).
RBH Chief Executive Officer Niall Carroll said: “This investment in RMBH enables us to diversify and enhance our existing investment portfolio through significant exposure to a leading financial services group, and to work with like-minded people whose values, behavior and investment philosophies we admire and respect.
“We look forward to working closely with RMBH, its founders and major shareholder Remgro and, over time, to develop a pan-African financial services champion in which the pursuit of excellence and fundamental transformation are mutually reinforcing concepts.”
Russell and Associates
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Note to editors:
Royal Bafokeng Holdings (Pty) Limited (RBH) is responsible for the management and development of the commercial assets of the Royal Bafokeng Nation (RBN), with the overall business objective of maximising returns to enable the RBN to deliver sustainable benefits to the community.
The Royal Bafokeng Nation is a unique African community where tradition meets modernity. Located in the Rustenburg Valley in the North West Province, the 29 villages of the Royal Bafokeng Nation boast some of the most innovative approaches to sustainable development in Africa. These include holistic education reform, the use of sport to generate social and financial returns, and converting mineral resources into the world’s leading community-based investment company.
The King of the Royal Bafokeng Nation is Kgosi Leruo Tshekedi Molotlegi, 36th in a long line of visionary traditional leaders. Thanks to the pioneering spirit of the King’s ancestors, the Bafokeng community owns the rights to the largest known reserves of platinum and chrome in the world. Vision 2020 and the Masterplan, the strategic blueprints for the community’s future, aim to create a socially, economically, and environmentally sustainable community true to its African heritage and traditions.