Old Mutual listing on JSE boon for Zim

Old Mutual listing on JSE boon for Zim
Published: 28 June 2018 (1107 Views)
OLD Mutual Zimbabwe Limited group chief executive officer Jonas Mushosho said the parent company will begin to unlock value now that its primary listing was moved to the Johannesburg Stock Exchange (JSE) in South Africa.

This comes as a result of Old Mutual Plc's Managed Separation strategy announced back in March 2016, to split the United Kingdom-based group into four independent, standalone companies.

Speaking at the 'Old Mutual Anchoring in Africa' dinner that took place in Harare on Tuesday, Mushosho said moving the primary listing of the parent company from the London Stock Exchange (LSE) in the United Kingdom to South Africa would unlock value.

"The managed separation and the primary listing of Old Mutual Limited in its home country will not only unlock value, it will also free us to strengthen our focus on Africa. It will bring us even nearer to our long-term vision of being Africa's financial services champion. As a company led by people from Africa, we will be in a stronger position to build the financial wellbeing of the customers we serve�?" he said.

"Pursue Africa's enormous growth opportunities and contribute to the socioeconomic development of the countries and communities we operate in.

We are very proud of our deep African roots – and we see this remarkable moment in our 173-year history as an opportunity to demonstrate our commitment to the stability and prosperity of this continent. These deep roots are the source of both our strength and our potential."

On Tuesday, Old Mutual Limited relisted on the JSE with a standard listing on the LSE and secondary listings on the stock exchanges of Malawi, Namibia and Zimbabwe as part of Old Mutual plc's Managed Separation strategy.

In a statement on Tuesday, Old Mutual Limited said the foremost aim of this strategy was to unlock value that was trapped within the group structure and remove costs arising from the London-based office, and in so doing create better long-term value for shareholders.

"To effect the managed separation process, two separately listed entities were established:

One is the new South African holding company, Old Mutual Limited, which consists of Old Mutual's emerging markets business, Old Mutual's 54% holding in Nedbank and the residual Old Mutual plc, that is, the remaining assets and liabilities of the business post the managed separation," Old Mutual Limited said.

"The other one is Quilter plc, which is the former Old Mutual Wealth UK operation that listed on the London Stock Exchange, with a secondary listing on the JSE on the 25th June."

Old Mutual Limited added that the remaining two businesses in the group are already independently listed entities, namely, the Nedbank Group which Old Mutual Limited plans to reduce its shareholding to 19,9% by the end of the year.

The other one is the former Old Mutual asset management company based in the United States whose majority shareholding was reduced to 5% as part of the managed separation process.

- newsday

Tags: OldMutual, Listing, ZSE,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Knox Mutizwa wins August Goal of the Month award

by kickoff | 05 November 2018 | 698 Views

BREAKING: Gandawa on the run

by Staff reporter | 05 November 2018 | 1372 Views

Econet cannot distribute Kwese TV content to Zimbabwean viewers

by Staff reporter | 05 November 2018 | 1039 Views

Shoot-out robbers arrested

by Staff reporter | 05 November 2018 | 1076 Views

Mnangagwa ally warns economic saboteurs

by Staff reporter | 05 November 2018 | 1060 Views

Chamisa mobilises supporters for mass protests

by Staff reporter | 05 November 2018 | 869 Views

LISTEN: Acie Lumumba speaks on how he got paid

by Staff Reporter | 05 November 2018 | 711 Views

Dzamara speak on Zanu-PF fights

by Mandla Ndlovu | 05 November 2018 | 680 Views

Minister Raj Modi Modi donates salary

by Mandla Ndlovu | 05 November 2018 | 559 Views

'I am a Trillionaire' Magaya says

by Mandla Ndlovu | 05 November 2018 | 929 Views

Supermarkets to be blacklisted over cooking oil

by Mandla Ndlovu | 05 November 2018 | 589 Views

UK army to recruit from Commonwealth

by BBC | 05 November 2018 | 614 Views

Magaya opens up on arrest

by Mandla Ndlovu | 05 November 2018 | 610 Views

Kambarami is still 'Deputy Mayor'

by Mandla Ndlovu | 05 November 2018 | 487 Views

'Import ban must not go beyond December 21'

by Staff reporter | 05 November 2018 | 574 Views

Prophet Magaya puts fresh spin to arrest

by Staff reporter | 05 November 2018 | 570 Views

Chamisa's sign language interpreters get thumps up

by Staff reporter | 05 November 2018 | 549 Views

Mnangagwa to review Mthuli Ncube's 2% tax again

by Staff reporter | 05 November 2018 | 542 Views

Lumumba to be probed by ZAAC?

by Staff reporter | 05 November 2018 | 395 Views

Dzamara speak on ZANU PF fights

by Mandla Ndlovu | 05 November 2018 | 360 Views

Zimbabwe as a new gateway into Africa

by Minister of Finance Prof Mthuli Ncube | 05 November 2018 | 554 Views

Chiwenga's ex-wife looted millions

by Mandla Ndlovu | 05 November 2018 | 895 Views

We are our own worst enemies

by Mapozho Saruchera | 05 November 2018 | 604 Views

Mnangagwa to deal with unexplained wealth and bank deposits

by Staff reporter | 05 November 2018 | 582 Views

WATCH: Chiwenga talks about Prophet Walter Magaya's lipstick

by Staff reporter | 05 November 2018 | 560 Views

Lumumba Saga takes new twist....War vets bay for Mutsvangwa's blood

by Mandla Ndlovu | 05 November 2018 | 643 Views

Chamisa demands Presidency

by Mandla Ndlovu | 05 November 2018 | 533 Views

Zimbabwean teachers miss out on New Zealand opportunity

by Staff Writer | 05 November 2018 | 471 Views

Zimbabwe to introduce e-provisional driver's exams

by Staff reporter | 05 November 2018 | 506 Views

Zimbabwe to supply water to South Africa

by Staff reporter | 05 November 2018 | 508 Views

Mnangagwa claims that 'good times will soon roll'

by Staff reporter | 05 November 2018 | 491 Views

Zimbabwe as a new gateway into Africa

by Hon. Prof Mthuli Ncube | 05 November 2018 | 549 Views

Chiyangwa appoint Karikoga Kaseke

by Staff reporter | 05 November 2018 | 490 Views

ZCTU demo: Ruling today

by Staff reporter | 05 November 2018 | 440 Views

Missing cop found dead

by Staff reporter | 05 November 2018 | 563 Views

Tagwirei marries long-time girlfriend

by Staff reporter | 05 November 2018 | 864 Views

Zimbabwe relaxes maternity leave entitlement

by Staff reporter | 05 November 2018 | 523 Views

Zimbabwe to receive drugs, ambulances from India

by Staff reporter | 05 November 2018 | 443 Views