Old Mutual Moves Back To Africa: Relists On ZSE

Old Mutual has relisted it’s companies shares locally and has moved back into Africa as part of an attempt to refocus on the region. They have moved their primary listing from London to Johannesburg and proceeded to open secondary listings in London, Malawi, Namibia and Zimbabwe’s stock exchanges at 9am this morning.

Old Mutual themed their relisting “Anchoring in Africa” and the theme is not just a buzzword. Old Mutual will now be head-quartered in South Africa, the same territory the company was established 120 years ago.

Anchoring in Africa

The move is believed to be part of an attempt to focus Old Mutual’s business in Africa. Earlier today Old Mutual group CEO, MR. Jonas Mushosho said:

Old Mutual Limited is one of the four entities that will be fully established after the primary listing today in Johannesburg, and it will comprise of all our existing operations in Africa.

The key difference between our previous listing as Old Mutual plc in London and our primary listing as Old Mutual Limited in Johannesburg is that the capital from our shareholders will be used in our African businesses and invested in the growth opportunities present in the African markets in which we operate. This new inward, pan-African, focus is good news for Africa and indeed for Zimbabwe.

As you may be aware from various activities that began through the Managed Separation Strategy, culminating in today’s relisting on the ZSE, we are on an exciting path to positioning Old Mutual as Africa’s premium financial services provider.

Managed Separation, was initiated by Old Mutual plc in March 2016, to break up its structure into four separate entities.

Managed separation?

The final separation will proceed in three phases: The listing of Quilter (formally known as Old Mutual Wealth) and the distribution of 86.6% of Quilter’s issued share capital to Old Mutual PLC shareholder; the listing of Old Mutual Ltd in South Africa; and the unbundling of Nedbank which will involve 32% of its share capital distributed to Old Mutual Ltd shareholders.

In addition, Old Mutual Ltd and Nedbank Group Ltd have signed the relationship agreement to govern the terms of the relationship on the completed separation, replacing the agreement between Old Mutual PLC and Nedbank.