Old Mutual listing on JSE boon for Zim

Old Mutual listing on JSE boon for Zim
Published: 28 June 2018 (1213 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

Govt regrets Battlefields disaster

by Staff reporter | 19 February 2019 | 72 Views

CAAZ boss arrested

by Staff reporter | 19 February 2019 | 77 Views

Mangudya to present a clear roadmap on currency reforms

by Staff reporter | 19 February 2019 | 132 Views

Isuzu bakkies are a favourite in Zimbabwe

by Staff reporter | 19 February 2019 | 111 Views

It's squeaky bum time for unsung Mangudya

by Guthrie Munyuki | 19 February 2019 | 95 Views

BREAKING: MDC Youth leader acquitted

by Mandla Ndlovu | 19 February 2019 | 128 Views

Cyril Ramaphosa coming to Zimbabwe

by Mandla Ndlovu | 19 February 2019 | 133 Views

Winky D, Jah Prayzah shoot down rivalry

by Staff reporter | 19 February 2019 | 122 Views

Chiwenga still fighting ailment, still feeling 'kupisa'

by Staff reporter | 19 February 2019 | 198 Views

Mnangagwa rejigged security sector to consolidates power

by Staff reporter | 19 February 2019 | 134 Views

Chief Maduna and Ndiweni write to Mnangagwa's defence minister

by Staff reporter | 19 February 2019 | 132 Views

Chamisa blasts Mnangagwa

by Staff reporter | 19 February 2019 | 128 Views

China spends $2,5 billion on Zimbabwe

by Staff reporter | 19 February 2019 | 101 Views

Perrance Shiri sets up 99-year lease Help Desk

by Staff reporter | 19 February 2019 | 113 Views

'Sadc chair lied on Zimbabwe situation'

by Staff reporter | 19 February 2019 | 113 Views

Mnangagwa losing war on money changers

by Staff reporter | 19 February 2019 | 126 Views

Ex-Military government officials angered by public scrutiny

by Alistair Nyakudya | 19 February 2019 | 186 Views

Mnangagwa's 'CIO son' cons church-mate

by newzimbabwe | 19 February 2019 | 142 Views

'Government does not own Zimpapers'

by Mandla Ndlovu | 19 February 2019 | 107 Views

Mangudya considering devaluing Zimbabwe bond notes

by Bloomberg | 19 February 2019 | 173 Views

Zimbabwe tourism earnings surpass $1 billion

by Staff reporter | 19 February 2019 | 110 Views

TinTin suffers mental illness scare

by Mandla Ndlovu | 19 February 2019 | 169 Views

Letter to my friends in the MDC Alliance

by Nkosilathi Emmanuel Moyo, Sr | 19 February 2019 | 143 Views

'ZANU PF will be dead in 2028' says Jonathan Moyo

by Mandla Ndlovu | 19 February 2019 | 150 Views

PHOTOS: Top ZANU PF leader's body arrives

by Mandla Ndlovu | 19 February 2019 | 166 Views

Zimnat invites entries for Sanlam financial journalism award

by Staff writer | 19 February 2019 | 121 Views

MDC Bulawayo endorses Chamisa for Presidency

by Mandla Ndlovu | 19 February 2019 | 175 Views

Jonathan Moyo imposter calls Chamisa a biblical Moses.

by Mandla Ndlovu | 19 February 2019 | 229 Views

Chamisa, Mnangagwa MPs set tone for dialogue

by Staff reporter | 19 February 2019 | 212 Views

Former minister's children fight over estate

by Staff reporter | 19 February 2019 | 206 Views

$7bn needed for cleaner energy in Zimbabwe

by Staff reporter | 19 February 2019 | 115 Views

Man steal 'funeral' meat

by Staff reporter | 19 February 2019 | 154 Views

5 'Zacc officials' in trouble

by Staff reporter | 19 February 2019 | 151 Views

African Union and Sadc are spineless

by Pearl Matibe | 19 February 2019 | 154 Views

Serial burglar jailed 48 months

by Staff reporter | 19 February 2019 | 116 Views