Investec PLC (LSE:INVP) is to distribute a 15% stake in fund manager Ninety One to its shareholders.
The South Africa- and UK-listed bank said it will retain a 10% stake in Ninety One, which is also listed in London and Johannesburg and is a member of the FTSE250 index.
UK-based shareholders in Investec will receive shares in Ninety One PLC (LSE:N91), while South African shareholders will receive their distribution in Ninety One Ltd.
The transaction will be accounted as a return of capital in the UK and a distribution in specie to South Africa-based shareholders.
Details of the number of shares to be issued are expected to be announced on or around 18 March.