March 18, 2004

By Reuters

 
Johannesburg - Shareholders yesterday gave banking group Nedcor their approval for a planned R5 billion rights issue to shore up its primary capital and meet proposed new regulations. Nedcor's parent,Old Mutual, has said it will take up R2.5 billion worth of shares in the issue. Old Mutual has underwritten 76 percent of the issue and Merrill Lynch and Deutsche Bank have jointly underwritten the rest.