S.Africa's Alexander Forbes says Marsh & McLennan to take stake at listing

JOHANNESBURG, June 23 Mon Jun 23, 2014 3:37am EDT

JOHANNESBURG, June 23 (Reuters) - South Africa's Alexander Forbes confirmed on Monday it intended to float unlisted shares on the Johannesburg bourse and that a unit of Marsh & McLennan would become a strategic investor with 34 percent stake after the listing.

Some preference Alexander Forbes' shares are already listed on the JSE.

"We are proud to announce that following the evaluation of various strategic options for the group, we are progressing with a listing," said Edward Kieswetter, chief executive of the financial services company.

He did not give details how many shares would be sold and at what price when the listing happens on July 24.

Its preference shares were down 1.3 percent to 9.38 rand, outpacing a 0.3 percent decline in the All-share index. (Reporting by Tiisetso Motsoeneng; Writing by Helen Nyambura-Mwaura; Editing by Ed Stoddard)