RMBH aquires 25% interest in Discovery

RMBH today announced its decision to acquire an additional 9% in Discovery following the proposed unbundling of Discovery from FirstRand, which was announced to shareholders last week. This will take RMBH's total interest in Discovery to 25%, making RMBH Discoverys largest shareholder post the unbundling.

Commenting, GT Ferreira, RMBH's Chairman said:

"We will hold a significant but not controlling stake in an entity that we believe has excellent growth prospects and we will effectively be in partnership with a management team whose entrepreneurial skills we have long admired".

As a result of its shareholding in FirstRand, RMBH automatically receives 17% of Discovery through the proposed unbundling. It will acquire the additional 8% from;
* Remgro, which will receive 4.5% in Discovery through the unbundling. This acquisition will be settled by a new issue of RMBH shares to Remgro; and,
* the balance from share trusts of the FirstRand Group for cash.