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Investec Scraps Asset Management Unit IPO But Spinoff Goes Ahead
JOHANNESBURG (Capital Markets in Africa) – Investec scrapped a plan to sell a 10% stake of its asset-management unit in an initial public offering as the coronavirus sparked a global selloff in equities.
“Market conditions have proved particularly challenging in the recent two weeks and, while we were encouraged by the strength and quality of investor engagement in relation to the global offer, we have decided to retain our shareholding in Ninety One,” Fani Titi, Investec’s joint chief executive officer, said in the statement.
Investec will own 25% of Ninety One after the demerger.
“The demerger is progressing in line with the published timetable,” said Hendrik du Toit, joint CEO of Investec and CEO of Ninety One. “On Monday, we start an exciting new phase as an independently-listed company. Despite the recent market dislocation, we have been encouraged by the support from our shareholders and potential investors.”