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Old Mutual's African arm lists on the JSE as 'managed separation' continues

Jun 26 2018 12:48
Jan Cronje

Shares in Old Mutual's African and emerging markets arm were fairly even in early trade on Tuesday, after the group listed on the JSE.

Old Mutual Limited shares had gained 0.7% to change hands at R28.70 by 12:25. Staff in Sandton celebrated the listing with a street parade and the honking of vuvuzelas in Old Mutual green. 

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. Its JSE share tracker code is JSE:OMU. 

The listing comes as Old Mutual plc continues its 'managed separation', which 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. 

Old Mutual Limited listed on the JSE a day after Old Mutual Wealth – now know as Quilter – listed on the London Stock Exchange, with a secondary listing on the JSE. 

Peter Moyo, Chief Executive Officer of Old Mutual, said in a statement that the listing would help create a business with a strong strategic focus on sub-Saharan Africa.

"Our investment case is strong and compelling. Our business remains highly cash-generative and is well-positioned in the right markets to drive added value from our franchises.

"Exciting opportunities lie ahead for us as Old Mutual Limited, and we look forward to delivering sustainable profit growth and returns for our shareholders, and making meaningful contributions to the societies in which we operate. By driving long-term economic growth in Africa, we can positively impact the lives of all our customers and communities on the continent," he said. 

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quilter  |  peter moyo  |  sa economy  |  jse
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