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HOSKEN SHARES JUMP

30 Jul General

Shares of Hosken Consolidated Investments (HCI) jump as much 9 percent after it says it will spin off some of its holdings into a new listed business and allow shareholders to swap HCI stock for those of the new entity, Niveus Investments.

HCI, whose portfolio includes holdings in gaming, hotels, beverages and media, will spin off into Niveus several stakes including its holding in wine and spirits maker KWV.

The investments that will make up Niveus have been historically overlooked by investors, who have focused on higher profile HCI investments, the company says.

HCI says it will swap 11.95 shares in Niveus for every one of its own shares.

HCI shares are up 3.2 percent at 86.15 rand after briefly rising nearly 9 percent.

Source: Business Report – Reuters