Investec to retain 10% stake in Ninety One

21st Feb 2022 10:02

(Sharecast News) - Wealth manager Investec has laid out its plans to distribute 15% of its shares in Ninety One to shareholders.

The company announced the move in November last year. It said on Monday that after distributing the 15% interest, it will retain a 10% stake in Ninety One.

Investec's UK shareholders will receive their distribution in Ninety One Plc, while Investec South African shareholders will get their distribution in Ninety One Ltd.

The number of Ninety One shares each Investec shareholder is entitled to receive is expected to be confirmed in a separate announcement on or around 18 March.

Ninety One - formerly Investec Asset Management - demerged from Investec in March 2020 and began trading on the London and Johannesburg stock exchanges.