Imara sells South African stockbroking unit for $10mln

Imara sells South African stockbroking unit for $10mln

BULAWAYO, June 17 (The Source) – Pan-African asset management group Imara Holdings has completed the sale of one of its Johannesburg subsidiary Imara S.P. Reid Proprietary Limited (ISPR) to MMI Strategic Investments for about $10.25 million, the company has said.

The company said the effective date of the disposal was 12 June 2015.

“The terms and conditions of the disposal remain unchanged from those disclosed in the Shareholders Circular and approved by Shareholders at the Extraordinary General Meeting on 24 March 2015,” said Imara Holdings on Tuesday.

ISPR is one of the South Africa’s oldest stockbroking firms, and was established in 1938.

Imara is an independent, Botswana-listed investment banking group with offices in Angola, Botswana, South Africa and the UK and associate offices in Malawi, Mauritius, Zambia and Zimbabwe.

It has also partnered with Chapel Hill Denham in Nigeria, Sterling Bank in Kenya, Namibia Equity Brokers and Mac Capital in Dubai.

Despite the sale of ISPR, the company has indicated that it would retain a strong presence in the South Africa with its asset management and corporate finance subsidiaries.