Old Mutual listing on JSE boon for Zim

Old Mutual listing on JSE boon for Zim
Published: 28 June 2018 (931 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

Zimbabwe's impressive cabinet line-up under a severe parliamentary vaccuum

by Reginald Thabani Gola. | 19 September 2018 | 83 Views

Mnangagwa boycott the way to go, says MDC veterans

by Stephen Jakes | 19 September 2018 | 84 Views

Mudede hunts down staffer who revealed blacklist

by Staff reporter | 19 September 2018 | 77 Views

'Mnangagwa inherits Mugabe's anti-Gukurahundi traits'

by Staff reporter | 19 September 2018 | 57 Views

Mnangagwa snubbing the way to go

by Stephen Jakes | 19 September 2018 | 64 Views

Shame on you MDC MPs

by Munya Shumba | 19 September 2018 | 82 Views

Kariba on high Cholera alert

by John T Chirinda | 19 September 2018 | 64 Views

Parent involvement helps students to do well

by Agencies | 19 September 2018 | 51 Views

$6000 salary for MPs

by Staff Reporter | 19 September 2018 | 126 Views

Mnangagwa tours Glen View cholera centre

by Staff reporter | 19 September 2018 | 79 Views

Unresolved ethnicity conflict haunts Bulawayo

by Staff reporter | 19 September 2018 | 58 Views

Bulawayo's 'foreign' mayor remains unfazed

by Staff reporter | 19 September 2018 | 65 Views

Court defers ruling on Nduna's Chegutu West win

by Staff reporter | 19 September 2018 | 72 Views

Zoey SA bound

by Staff reporter | 19 September 2018 | 47 Views

Gukurahundi seeks to eclipse Intwasa

by Staff reporter | 19 September 2018 | 47 Views

Gukurahundi documentary deemed to be carrying inflammatory information

by Staff reporter | 19 September 2018 | 56 Views

Models at Prophet Magaya Prayer Mountain

by Staff reporter | 19 September 2018 | 61 Views

Chamisa turns down Parly invite

by Staff reporter | 19 September 2018 | 85 Views

Local govt has crossed difficult path since year 2000

by Stephen Jakes | 19 September 2018 | 81 Views

Ecocash and swipe are gradually being phased out

by Stephen Jakes | 19 September 2018 | 236 Views

So much hate in Zimbabwe, Mnangagwa needs to unite people - Mliswa

by Stephen Jakes | 19 September 2018 | 204 Views

Chamisa's MPs walk out on Mnangagwa

by Staff reporter | 19 September 2018 | 142 Views

Mnangagwa must consider Mthuli Ncube's proposals

by Editorial - newsday | 19 September 2018 | 124 Views

Mnangagwa rejects Mines Bill

by Staff reporter | 19 September 2018 | 121 Views

Dump politics, says Mnangagwa

by Staff reporter | 19 September 2018 | 110 Views

Umguza's polluted water pose health risk - Residents

by Staff reporter | 19 September 2018 | 59 Views

Man attacks peeping Tom with machete

by Staff reporter | 19 September 2018 | 115 Views

Mental patient finally released after wrongful arrest

by Staff reporter | 19 September 2018 | 74 Views

MDC-Alliance's infantile stunt self-defeating

by Staff reporter | 19 September 2018 | 79 Views

Court inspects ZBC records in Pambuka, Mazivisa fraud case

by Staff reporter | 19 September 2018 | 79 Views

Mnanagwa's turning point

by Tichaona Zindoga | 19 September 2018 | 84 Views

The Second Constitutional Amendment

by Sharon Hofisi | 19 September 2018 | 80 Views

Man kills domestic worker's family

by Staff reporter | 19 September 2018 | 84 Views