Brimstone sells down stake in Life Healthcare

JOHANNESBURG: South Africa's Brimstone Investment Corporation Ltd said it had sold 362 million rand ($30.29 million) worth of shares in Life Healthcare Group, making it the second disposal announced this week.

Brimstone, whose businesses include fishing, insurance, and clothing, said the disposal took place in various tranches and was completed on Feb.2.

Following the sale, Brimstone will hold 51.3 million shares representing a 3.5 percent stake after selling 13.5 million shares in Life Healthcare, it said in a statement, without giving details on the acquirer.

This is the second disposal announced by the firm this week after it said on Tuesday its wholly-owned subsidiary Brim Tiger SPV had sold 1.8 million shares in South Africa's biggest consumer foods maker Tiger Brands for 387 million rands.

"The total consideration received by Brimstone for the disposal will be used to repay certain outstanding debt funding obligations," it said.

($1 = 11.9498 rand)

(Reporting by Nqobile Dludla, editing by Louise Heavens)