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Foschini: Group cans plan to cut RCS stake
Foschini: Group cans plan to cut RCS stake

Foschini: Group cans plan to cut RCS stake


IOL Business - Jun 24th, 11:00

Foschini was not proceeding to reduce its stake in unsecured lender RCS Investment Holdings after RCS shareholders concluded that its timing to pull out was not conducive for the lender to realise its fair value.  

Foschini, the controlling shareholder at RCS, wanted to reduce its stake from 55 percent to less than 50 percent by selling some of its RCS shares or though a separate listing. Foschini said it had completed a thorough process to assess the various alternatives to achieve this.

Following the process and taking into consideration the state of the consumer credit market and the sentiment surrounding consumer lending businesses, the RCS shareholders decided to terminate the process.

The company said despite challenging market conditions, the RSC business continued to perform well. Foschini’s stock declined 2.44 percent to close at R95.10 on Friday.© Independent On-line 2013. All rights reserved  

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