General insurance provider Hastings Group (HSTG) has a new shareholder, and a rather large one at that. South African investment holding company Rand Merchant Investment Holdings and its wholly owned subsidiary Main Street 1353 Proprietary have bought 29.9 per cent of the issued share capital, the most they can own without triggering a takeover bid.
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The approval needed from three regulatory bodies was received in early March and, following completion, Rand Merchant will be entitled to nominate a director, while the founder shareholders and Goldman Sachs, which has a 50 per cent stake, have agreed that one director appointed by them will resign.