The Alexander Forbes head office - a landmark building in the Sandton CBD
Briefs
Alexander Forbes sets offer price, valuing company at $962m
The company said in a regulatory filing that it had priced the planned offer, which is not open to the public, at between 6.90 and 8.05 rand a share.
Its shareholders will sell nearly 389 million shares, while it will issue just over 44 million new shares to help bolster its capital position.
In line with the listing, the 28.4 percent stake of the company housed in the special purpose vehicle will be spun off to existing shareholders in the entity, which include fund managers Allan Gray and Stanlib.
Those shares were down 4 percent at 8.5 rand at 0713 GMT.
Deutsche Bank, Morgan Stanley and FirstRand's Rand Merchant Bank are arranging the listing and the offer.
($1 = 10.8045 South African Rand)
(Reporting by David Dolan; Editing by Hugh Lawson)