Old Mutual Zim relists on Zimbabwe Stock Exchange

Old Mutual Zim relists on Zimbabwe Stock Exchange
Published: 26 June 2018 (1166 Views)
Old Mutual Zimbabwe has relisted on the Zimbabwe Stock Exchange (ZSE) as a part of a broader group strategy to focus its business in Africa.

Yesterday, Old Mutual Plc's shares were suspended from the UK Official list and from trading on the London Stock Exchange's main market for listed securities, and from the Johannesburg Stock Exchange, the Namibian Stock Exchange and the Zimbabwe Stock Exchange, and had already been suspended on the Malawi Stock Exchange as it moved its primary listing from London to Johannesburg.

Today the group announced it has completed its primary listing on the Johannesburg Stock Exchange with secondary listings on the London, Malawi, Namibia and Zimbabwe stock exchanges. Old Mutual Zimbabwe has since commenced trading on the ZSE.

"The key difference between our previous listing as Old Mutual Plc in London and our primary listing as Old Mutual Ltd in Africa is that capital from our shareholders will be focused on African businesses and invested in growth opportunities present in African markets we operate in," said Old Mutual Zimbabwe.

Officiating at the relisting event this morning, Finance and Economic Planning Minister Patrick Chinamasa said Old Mutual's new thrust was in line with Government's economic agenda.

"The decision to anchor in Zimbabwe and Africa is the very same agenda that Government has been driving. The country's development will be underpinned by both foreign and domestic investment in various economic sectors. We are glad Old Mutual is tangibly leading the way and showing that Zimbabwe is Open for business," he said.

In March 2016, the group agreed to separate its four businesses into independent, stand-alone companies – the 'Managed Separation' – driven by the need to reduce costs and ensure efficient funding for its constituent companies.

In terms of the Managed Separation, the US-based Old Mutual Asset Management (OMAM) was sold, while the United Kingdom-based Old Mutual Wealth was rebranded as Quilter Plc and is now listed on the London Stock Exchange – with a secondary listing on the Johannesburg Stock Exchange.

The wealth management company was spun off Old Mutual Plc – a financial holding company that sold 165 million Quilter shares for around 231, 1 million pounds ($306, 4 million).

- the herald

Tags: OldMutual, ZSE, Relist,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Obert Gutu takes Chamisa head on

by Mandla Ndlovu | 18 February 2019 | 1 Views

PHOTO: Mugabe's latest picture goes viral

by Mandla Ndlovu | 18 February 2019 | 74 Views

Mnangagwa dumps Chiwenga's security

by Mandla Ndlovu | 18 February 2019 | 70 Views

BREAKING: Mnangagwa retires 4 top army Generals

by Mandla Ndlovu | 18 February 2019 | 67 Views

MDC Youths speak on Chamisa Presidency

by Mandla Ndlovu | 18 February 2019 | 70 Views

BREAKING: Tendai Biti found guilty

by Mandla Ndlovu | 18 February 2019 | 93 Views

WATCH: Chinotimba perfoms ritual at a Dubai river

by Mandla Ndlovu | 18 February 2019 | 58 Views

Christianity to be labelled mental illness

by Mandla Ndlovu | 18 February 2019 | 94 Views

Gloves off for merchants of violence and jecha peddlers

by Staff reporter | 18 February 2019 | 64 Views

Zimbabwe's January inflation hits 10,75%

by Staff reporter | 18 February 2019 | 54 Views

Guvamombe trial set for February 28

by Staffg reporter | 18 February 2019 | 49 Views

Hodzi appointment gazetted

by Staff reporter | 18 February 2019 | 54 Views

'Zinara toll fees remain unchanged'

by Staff reporter | 18 February 2019 | 47 Views

Prison officer remanded over shutdown protests

by Staff reporter | 18 February 2019 | 53 Views

Ariel Sibanda for Bosso captaincy

by Staff reporter | 18 February 2019 | 49 Views

Zimbabwean anarchists must be afraid, very afraid

by Editorial - Zimpapers: | 18 February 2019 | 52 Views

Zimbabwe fuel marking will deter smuggling

by Staff reporter | 18 February 2019 | 58 Views

Mnangagwa touched by Battlefields tragedy

by Staff reporter | 18 February 2019 | 60 Views

Mungoshi burial set for tomorrow in Chivhu

by Staff reporter | 18 February 2019 | 62 Views

Mnangagwa underscores free education

by Staff reporter | 18 February 2019 | 54 Views

Minister blasts poor workmanship on roads

by Staff reporter | 18 February 2019 | 44 Views

Zimbabweans must work harder to bust sanctions

by Staff reporter | 18 February 2019 | 46 Views

Jabu features in nasty indecent tape

by Staff reporter | 18 February 2019 | 58 Views

Protests cases flood Bulawayo courts

by Staff reporter | 18 February 2019 | 44 Views

Mnangagwa to name Harare Minister this week

by Staff reporter | 18 February 2019 | 45 Views

CBZ garnishes all Dembare's financial sources?

by Staff reporter | 18 February 2019 | 37 Views

Mnangagwa extends Land Commission's tenure

by Staff reporter | 18 February 2019 | 37 Views

Zimbabwe GNU talks dismissed

by Staff reporter | 18 February 2019 | 34 Views

Masvingo humbled by turnout at Mnangagwa's rally

by Staff reporter | 18 February 2019 | 27 Views

Bosso, Caps United supporters clash

by Staff reporter | 18 February 2019 | 21 Views

Parliament meets over Temba Mliswa bribe

by Staff reporter | 18 February 2019 | 22 Views

Farm evictions loom in Midlands

by Staff reporter | 18 February 2019 | 23 Views

Mnangagwa hails Education Amendment Bill

by Staff reporter | 18 February 2019 | 22 Views

Mohadi clears air on Nuanetsi Ranch ownership

by Staff reportert | 18 February 2019 | 28 Views

Bogus lawyer arrested for fraud

by Staff reporter | 18 February 2019 | 26 Views

4 armed robbers in army uniform arrested

by Staff reporter | 18 February 2019 | 28 Views

MDC Alliance threaten to unleash more protests

by Staff reporter | 18 February 2019 | 22 Views