Banking Group Nedcor says it has been reducing its shareholding in Dimension Data and will continue to do so in a responsible manner.
Nedcor financial director Stuart Morris said during a conference call yesterday that Nedcor is in an "exit mode".
He said disposing of non-core interests was one of the areas the group had chosen to focus on to improve its yields.
"We have been lightening our shareholding," he said. While not disclosing the current stake in Dimension Data, he emphasised that the reduction in shareholding has taken place in an orderly and responsible manner.
Nedcor has been communicating with Dimension Data and intends cutting its stake further. "We will continue to do that, but in an orderly and responsible manner," Morris says.
The Dimension Data share was trading at 338c at noon today, up 18c from yesterday`s close.
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