Remgro Exits Momentum Metropolitan Holdings

  • Remgro Disposal: Remgro Limited has sold its entire stake in Momentum Metropolitan Holdings.
  • Regulatory Compliance: MMH adheres to Companies Act and JSE requirements post-transaction.
  • Market Impact: Potential shifts in MMH's shareholder structure and investor sentiment anticipated.

Remgro Limited has disposed of its beneficial interest in Momentum Metropolitan Holdings Limited (MMH). The sale means Remgro now holds 0% of MMH’s issued ordinary shares.

Regulatory Compliance and Notification

MMH has complied with regulatory requirements. The notification of disposal was made in accordance with:

  • Section 122(3)(b) of the Companies Act, No. 71 of 2008
  • Regulation 121(2)(b) of the Companies Act Regulations, 2011
  • Paragraph 3.83(b) of the JSE Limited Listings Requirements

Filing with the Takeover Regulation Panel

Following the disposal, MMH filed the required notice with the Takeover Regulation Panel. This action aligns with section 122 (3) (a) of the Companies Act. The board of directors at MMH ensures all regulations are met.

Details of the Disposal

The disposal by Remgro represents a significant change in shareholding. Post-disposal, Remgro no longer holds any ordinary shares in MMH. The transaction’s details highlight:

ShareholderPre-disposal HoldingPost-disposal Holding
Remgro LimitedSignificant stake (undisclosed)0%

The precise amount of shares disposed of by Remgro was not disclosed.

Conclusion

Remgro’s disposal of its beneficial interest in MMH is a significant development. It marks the end of an era for both companies. The market will watch closely for the impact of this change.


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