HARARE- Old Mutual plc today continued with its break-up plan by re-listing its financial services unit on the Johannesburg Stock Exchange.
The financial services firm, which is headquartered in South Africa, contains what previously made up the emerging markets operations of Old Mutual plc. Its primary listing is on the JSE, with secondary listings on the London, Malawi, Namibia and Zimbabwe stock exchanges.
Old Mutual plc’s separation involves separating its four previous constituents – Old Mutual Emerging Markets, the Nedbank Group, Old Mutual Wealth, and Old Mutual Asset Management – into stand-alone entities. The separation is expected to be completed by the end of 2018.
Speaking at the re-listing of the company in Harare this morning, Old Mutual Zimbabwe and Rest of Africa chief executive officer, Jonas Mushosho said the change in strategic focus represented an opportunity for increased focus and attention on Africa businesses.
He said the re-listing also provides an opportunity to grow Old Mutual. “(This is) yet another historic and significant point in Old Mutual’s timeline here in Africa and Zimbabwe,” Mushosho said.
“As you may be aware from various activities that began through the managed separation strategy, culminating in today’s relisting on ZSE, we are on an exciting path to positioning Old Mutual as Africa’s premium financial services provider.
“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 capital from our shareholders will be used in our African businesses an invested in the growth opportunities present in the African markets in which we operate. This inward, pan-African, focus is good news for Africa and indeed Zimbabwe,” Mushosho added.
Finance minister, Patrick Chinamasa said Old Mutual was playing an important role in the development of Zimbabwe.
“I would also like to thank Old Mutual for responding to the special call by Government to the private sector to play a leading role in the country’s development strategy,” Chinamasa said.
“This morning is a special one, not only for Old Mutual but for Zimbabwe and the rest of Africa. Today marks the return of Old Mutual to its very roots here in Africa and Zimbabwe.
“I am proud to be part of Old Mutual’s relisting ceremony. This change, I am reliably informed will strengthen the company’s contribution to the sustainable development of our regional economies including our great Nation, Zimbabwe,” Chinamasa added.
