By REUTERS
Anglo-South African financial services group Old Mutual, which has announced an overhaul of its businesses, said it could list separate entities on both the London and Johannesburg stock exchanges.
The company, which said in March that it would split into its four main businesses, said one of the entities would mainly comprise the group’s wealth operations and was likely to be formed through a demerger.
Old Mutual, which said the planned separation is expected to complete by the end of 2018, said the second listed entity would be made up of its emerging markets operations, set up as a new South African holding company.
Old Mutual said it plans to distribute a “significant proportion” of its stake in Nedbank Group Ltd to the shareholders of the new South African holding company.
The FTSE 100 company also said it plans to continue cutting its 65.8% stake in its asset management arm, OMAM.
“Increased market volatility following the referendum decision to leave the EU does not affect our strategy although it may impact the performance of the underlying businesses,” Chief Executive Bruce Hemphill said. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair) -Reuters
Old Mutual says could list wealth, emerging markets ops separately
Anglo-South African financial services group Old Mutual, which has announced an overhaul of its businesses, said it could list separate entities on both the London and Johannesburg stock exchanges.
The company, which said in March that it would split into its four main businesses, said one of the entities would mainly comprise the group’s wealth operations and was likely to be formed through a demerger.
Old Mutual, which said the planned separation is expected to complete by the end of 2018, said the second listed entity would be made up of its emerging markets operations, set up as a new South African holding company.
Old Mutual said it plans to distribute a “significant proportion” of its stake in Nedbank Group Ltd to the shareholders of the new South African holding company.
The FTSE 100 company also said it plans to continue cutting its 65.8% stake in its asset management arm, OMAM.
“Increased market volatility following the referendum decision to leave the EU does not affect our strategy although it may impact the performance of the underlying businesses,” Chief Executive Bruce Hemphill said. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair) -Reuters
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Trending Now
Latest Videos