Old Mutual to retain 19.9pc of Nedbank, board confirms
Old Mutual announced on Wednesday that the strategic minority shareholding to be retained in South African banking firm Nedbank Group, to underpin the ongoing commercial relationship between the companies, has been agreed at 19.9%.
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It followed the announcement by the FTSE 100 firm on the ‘managed separation’ on 11 March 2016, and the subsequent communication on 25 May this year, in which Old Mutual stated that the new South African holding company - to be named Old Mutual Limited - would retain a strategic minority shareholding in Nedbank Group after the implementation of the managed separation.
The 19.9% shareholding will be held by OML, which will have a primary listing on the JSE and a secondary listing on the London Stock Exchange.
OML will be listed on both exchanges at the earliest opportunity in 2018 following the publication of Old Mutual’s 2017 full-year results announcement.
“As previously announced, the decrease in OML's shareholding in Nedbank Group to 19.9% will be achieved through the distribution of the balance of OML's majority shareholding in Nedbank Group to its shareholders, at an appropriate time and in an orderly manner, post the listing of OML,” the Old Mutual board said in its statement.
“OML does not intend to sell any part of its shareholding in Nedbank Group to a new strategic investor.”
Nedbank Group shareholders would be kept appropriately informed of further developments regarding the managed separation, the board added.