Old Mutual Limited returns to Africa with primary listing on JSE and secondaries in Namibia, Zimbabwe and Malawi
Completing an unbundling process started in 2016, Old Mutual Limited returned to Africa this week with a primary listing on the Johannesburg Securities Exchange, and secondary listings on the bourses in Namibia, Malawi and Zimbabwe as well as a secondary listing in London.
Parent company, Old Mutual plc, remains listed in London and one of the index companies in the FTSE 100. Described as a managed separation, the unbundling means that Old Mutual Limited’s stake in Nedbank will reduce from 53% to 19.9%. Old Mutual plc delisted on the JSE on Tuesday.
Old Mutual Limited is now an independent, standalone entity, offering to unlock shareholder value through growth in its key market, southern Africa.
Speaking at the listing event in Windhoek, Chief Executive of the Namibian Stock Exchange, Tiaan Bazuin commended the company for the listing, adding that it was also one of the first companies to dual list on the NSX back in 1999.
“In the SADC Financial and Investment protocol dual or cross listings are specifically stated as an objective to diversify the regional investment landscape,” Bazuin said.
Moreover, Bazuin reiterated that Old Mutual clearly applied this principle when they demutualised and listed the company in all jurisdictions.
According to Kosmas Egumbo, Group Chief Executive at Old Mutual Namibia, the listing on JSE means that the company will become a stronger and more focused business. He noted that the company’s focus on innovative solutions is never ending like it’s commitment to creating value and risk adjusted returns for the savings and investments of it’s clients.
“We are inviting and presenting existing and prospective Old Mutual Limited shareholders with an opportunity and investment vehicle to acquire shares through the NSX platform and become part of the Old Mutual dynamic family,” Egumbo said.
Old Mutual Limited, sharecode OMU, closed trading on Tuesday at R29.40 per share.