The technology sector fallout has left its mark on banking group Nedcor`s earnings, with the group incurring a R690 million after-tax write down on its holdings in Dimension Data.
Nedbank has launched three risk profiled, multi-managed fund of funds, namely the Aggressive, Balanced and Conservative Fund of Funds. The aim is to cater for retail clients` risk profile in a complex and unpredictable market.
Nedcor takes R3.7bn hit on Dimension Data nosedive
Nedcor`s R3.7 billion write down on Dimension Data`s share price tail-spin caused the bank`s headline earnings to fall below the 25% growth rate for the first time in four years.
Nedcor gaan sy belange in Dimension Data International verruil vir `n 8,2% aandelebelang in Dimension Data Holdings plc en R1,8 miljard in kontant. Dit vorm deel van `n R9 miljard-transaksie wat verlede maand aangekondig is.
Nedcor is set to make an investment gain of R5.2 billion when it converts its holding in Dimension Data International for a stake in the London-listed Dimension Data plc.
NedTel Cellular and Nashua Cellular have released details of the planned merger announced in March. The deal puts Nashua Cellular parent, Reunert, as the controlling shareholder of the new entity.