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The Editor’s Desk: The FirstRand unbundling & SA’s junk rating
There was good news for shareholders as Remgro and RMH announced plans to unbundle a stake in FirstRand and bad news for taxpayers as junk downgrades loom.
It was a week of contrasts. First, there was good news for shareholders as Remgro and RMH announced plans to unbundle a 40% stake in FirstRand. Then, more bad news for taxpayers as S&P revised its outlook for South Africa to negative, suggesting an additional downgrade is in the pipes. In this episode, Alec Hogg and I discuss the reasoning behind the unbundling and the implications of SA's worsening debt position. – Felicity Duncan
Corporate South Africa is awash in strange, legacy corporate structures and obscure holding companies. Many are the result of decisions taken years ago in smoky boardrooms and never really revisited.
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