Remgro Limited has disposed of its beneficial interest in Momentum Metropolitan Holdings Limited (MMH). The sale means Remgro now holds 0% of MMH’s issued ordinary shares.
Regulatory Compliance and Notification
MMH has complied with regulatory requirements. The notification of disposal was made in accordance with:
- Section 122(3)(b) of the Companies Act, No. 71 of 2008
- Regulation 121(2)(b) of the Companies Act Regulations, 2011
- Paragraph 3.83(b) of the JSE Limited Listings Requirements
Filing with the Takeover Regulation Panel
Following the disposal, MMH filed the required notice with the Takeover Regulation Panel. This action aligns with section 122 (3) (a) of the Companies Act. The board of directors at MMH ensures all regulations are met.
Details of the Disposal
The disposal by Remgro represents a significant change in shareholding. Post-disposal, Remgro no longer holds any ordinary shares in MMH. The transaction’s details highlight:
| Shareholder | Pre-disposal Holding | Post-disposal Holding |
|---|---|---|
| Remgro Limited | Significant stake (undisclosed) | 0% |
The precise amount of shares disposed of by Remgro was not disclosed.
Conclusion
Remgro’s disposal of its beneficial interest in MMH is a significant development. It marks the end of an era for both companies. The market will watch closely for the impact of this change.