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 10.7 billion rand. Alexforbes shares traded 0.7% higher at 8.23 rand by 12.55pm local time.
The company cited a change in strategy for considering the exit, though no final decisions have been made, the people said.
“We regularly evaluate strategic opportunities to ensure they are aligned with our long-term strategy,” Prudential said in an emailed response to a request for comment. “It is our policy not to comment on market rumours or speculation.”
ARC, which holds about 47% of Alexforbes, declined to comment, as did a spokesperson for Alexforbes.
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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. In that period, the company has pivoted to selling non-core assets, while focusing on providing advice and other retail-oriented services.
Some of Alexforbes’ minority shareholders have yet to receive any formal notification or communication about Prudential’s plans, one of the people said.
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