OUTsurance Group Limited lists on the Johannesburg Stock Exchange
Johannesburg - OUTsurance Group Limited, a growing, short-term insurance group operating across multiple geographies has today announced that it had successfully listed on the Johannesburg Stock Exchange.
In a statement released this morning, the Group said this follows the transition and rebrand of Rand Merchant Investment Holdings (RMI), the investment holding company that owned OUTsurance, from RMI to OUTsurance.
The move represents the effective listing of OUTsurance which is now trading on the Johannesburg Stock Exchange under the JSE share code OUT, the Group said, adding that Rand Merchant Investment Holdings Limited had terminated trading on the JSE and is replaced by OUTsurance Group Limited.
OUTsurance explained that its listing gives shareholders access to an efficient and well capitalised corporate structure almost solely representing OUTsurance Holdings Limited, and these benefits to shareholders include:
- A simpler operational structure offering a single access point to OUTsurance;
- A cost-effective way to complete an initial public offering (IPO) of OUTsurance;
- Retaining the group’s empowerment credentials;
- A higher dividend pay-out ratio;
- A phased reduction of the holding company and personnel costs at RMI, until March 2023, whereafter the only remaining costs will relate to the costs associated with being a listed entity;
- A focused OUTsurance management team with direct accountability to shareholders.
Marthinus Visser, Chief Executive Officer, OUTsurance Holdings, said: “We are delighted to announce our listing on the JSE which represents a new and exciting chapter in OUTsurance’s history. I am incredibly proud of our team to have reached this milestone and would like to thank RMI/RMB for a brilliant 25-year partnership.
"We have an experienced team with a clear strategy, and we are leveraging our established track record and significant footprint to continue building and returning value to our clients, shareholders, staff, service providers and communities. We look forward to life ahead as a public company,” he concluded.
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