FirstRand Limited Announces Sale Of 45% Interest In OUTsurance Holdings Limited To Rand Merchant Insurance Holdings Limited

FirstRand Limited announced the implementation of the sale by FirstRand of its 45% effective interest in OUTsurance Holdings Limited (OUTsurance) to Rand Merchant Insurance Holdings Limited (the Sale) has been completed. The effective date of the sale is May 4, 2011. The agreed sale consideration of ZAR3750 million for the 45% effective interest in OUTsurance was adjusted for, an interim dividend payment and interest accrued on the sale consideration, resulting in a final sale consideration of ZAR3640 million. FirstRand also sold the preference shares held by the FirstRand group in OUTsurance for a sale consideration of ZAR401 million.