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BusinessLive reports that the National Union of Metalworkers of SA (Numsa) is planning to list 360 Financial Services Group (360FSG), a subsidiary of its investment firm and owner of Doves funeral business, on the JSE in the next two years.
The financial services arm accounts for about 98% of Numsa Investment Company (NIC), a R1bn-turnover-a-year business, according to group CEO Khandani Msibi. It offers a range of financial products, including retirement savings, health insurance, vehicle and household goods insurance and legal cover to Numsa’s 340,000 members and the public. "The reason [for the listing] is for us to release cash to execute other areas of our strategy, for instance for us to build the industrial division," Msibi explained. The investment company, which employs more than 1,000 people, has three subsidiaries — 360FSG, Numsa Industrial Holdings, which owns a stake in MoFaya Beverage, and the Numsa Property Group. The NIC is owned by the Manufacturing Workers Trust, with Numsa members as beneficiaries. However, there is no legal relationship between Numsa and the NIC.
- Read this report by Natasha Marrian in full at BusinessLive
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