Hastings Group has confirmed that regulatory approvals have been received in respect of the acquisition of up to 29.9% in the Company by Rand Merchant Investment Holdings Limited and its wholly owned subsidiary Main Street 1353 Proprietary Limited (RMI).
The transaction was conditional upon the receipt of regulatory approvals from the Financial Surveillance Department of the South African Reserve Bank, the UK Financial Conduct Authority and/or the Gibraltar Financial Services Commission.
As previously announced by the Company, following completion of the transaction RMI will become entitled to nominate a director for appointment to the Board of the Company; the first such nomination for director will be Herman Bosman, the Chief Executive Officer of RMI.
At 1:10pm: (LON:HSTG) Hastings Group Holdings Plc share price was -0.3p at 230.5p
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