Old Mutual nears primary listing on the JSE
Old Mutual, the investment, savings, insurance, and banking group, is close to a primary listing on the Johannesburg Stock Exchange (JSE), Nedbank chief executive, Mike Brown said on Friday.
The group is currently listed primarily on the London Stock Exchange (LSE) with secondary listings on the JSE.
Brown said that the Old Mutual managed separation process is expected to be materially concluded in 2018. Old Mutual previously stated that a new SA holding company, to be named Old Mutual Limited (OML), would retain a strategic minority shareholding in Nedbank Group after the implementation of the managed separation.
“OML will do a primary listing on the JSE and a secondary listing on the London Stock Exchange at the earliest opportunity in 2018, following the publication of Old Mutual plc’s 2017 full-year results,” said Brown. This is scheduled for 15 March 2018.
The chief executive said that the decrease in OML’s shareholding in Nedbank Group will be achieved through the unbundling of Nedbank Group ordinary shares to OML’s shareholders.
This will result in OML, immediately after the implementation of the unbundling, holding a 19.9% strategic minority shareholding in Nedbank Group.
“Nedbank has an independent strategy and governance led by the Nedbank Group board and we have not integrated our systems or brands, so the managed separation will not affect our operations, staff or clients,” said Brown.
The unbundling of shares expected in the second half of 2018 will lead to a much wider shareholder base for Nedbank and substantially increase the free float. “We are supportive of the managed separation process and look forward to welcoming our new shareholders and continuing to demonstrate the strong case for investing in Nedbank,” she said.
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