Banking group Nedcor has completed the disposal of its 103.1 million shares in Dimension Data.
Investor relations spokesman Ewald Muller says the shares were sold in the open market over the past month at an average price of 29.22p (about 340c) a share.
"The interest was valued at 270c per share at 30 June 2003, the date of the latest Nedcor interim report," he says.
Nedcor`s annual report for the year to 31 December 2002 put the value of the Dimension Data investment at R414 million. The value of the stake a year before that was R1.5 billion.
Muller says Nedcor now has no residual stake in Dimension Data.
It was widely known for some time that Nedcor wanted to dispose of the stake, but was waiting for a recovery in the technology market.
Last month Nedcor financial director Stuart Morris said in a conference call that the group was "in an exit mode" and had begun reducing its shareholding.
The Dimension Data share was trading at 318c on the JSE by 11.15am today. This represented a 10c or 3.25% increase on yesterday`s close. Nedbank was 20c or 0.29% down at 6 975c.
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