FSR - Firstrand Limited - Press Release: Firstrand Benefits From Visa IPO
FSR
FSR
FSR - Firstrand Limited - Press Release: Firstrand Benefits From Visa IPO
FIRSTRAND LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010752/06
ISIN: ZAE000066304
Share Code: FSR
Namibian Share Code: FST
("FirstRand")
PRESS RELEASE: FIRSTRAND BENEFITS FROM VISA IPO
FirstRand confirms that it has received a pre-tax gain of $123 million from its
shareholding in Visa Inc following the issue of shares to FNB, a division of
FirstRand Bank (the Bank) as part of VISA`s recent IPO on the New York Stock
Exchange. The gain represents $69 million from the sale of 56% of the Bank`s
total shareholding and $54 million is the fair value of the remaining portion,
within which the Bank remains locked for a 3 year period.
The gain will not be included in FirstRand Limited or FirstRand Bank`s
normalised earnings for the year to 30 June 2008 but will benefit the Bank`s
capital position.
Sandton
3 April 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 03/04/2008 11:04:44 Produced by the JSE SENS Department.
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