US insurer Prudential Financial Inc. is considering selling its stake in South African financial-services firm Alexforbes, according to people familiar with the matter.<\/p>\n\n\n\n
The Newark-based company notified billionaire Patrice Motsepe\u2019s African Rainbow Capital that it\u2019s weighing an exit, said the people who asked not to be identified as the information isn\u2019t public. <\/p>\n\n\n\n
Prudential also informed Alexforbes about its plans, they said.<\/p>\n\n\n\n
Prudential first bought a stake in the Johannesburg-based firm in 2022, and owns about a third of the company that has a current market value of R10.7 billion. <\/p>\n\n\n\n
Alexforbes shares traded 0.7% higher at R8.23 rand by noon local time.\u00a0<\/p>\n\n\n\n
The company cited a change in strategy for considering the exit, though no final decisions have been made, the people said.<\/p>\n\n\n\n
\u201cWe regularly evaluate strategic opportunities to ensure they are aligned with our long-term strategy,\u201d Prudential said in an emailed response to a request for comment. <\/p>\n\n\n\n
\u201cIt is our policy not to comment on market rumors or speculation.\u201d<\/p>\n\n\n\n
ARC, which holds about 47% of Alexforbes, declined to comment, as did a spokesperson for Alexforbes.<\/p>\n\n\n\n
The South African company has been undergoing a strategic review under Chief Executive Officer Dawie de Villiers, who took over the role seven years ago. <\/p>\n\n\n\n
In that period, the company has pivoted to selling non-core assets, while focusing on providing advice and other retail-oriented services.<\/p>\n\n\n\n
Some of Alexforbes\u2019 minority shareholders have yet to receive any formal notification or communication about Prudential\u2019s plans, one of the people said. <\/p>\n","protected":false},"excerpt":{"rendered":"
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