Old Mutual Zim relists on Zimbabwe Stock Exchange

Old Mutual Zim relists on Zimbabwe Stock Exchange
Published: 26 June 2018 (1068 Views)
Old Mutual Zimbabwe has relisted on the Zimbabwe Stock Exchange (ZSE) as a part of a broader group strategy to focus its business in Africa.

Yesterday, Old Mutual Plc's shares were suspended from the UK Official list and from trading on the London Stock Exchange's main market for listed securities, and from the Johannesburg Stock Exchange, the Namibian Stock Exchange and the Zimbabwe Stock Exchange, and had already been suspended on the Malawi Stock Exchange as it moved its primary listing from London to Johannesburg.

Today the group announced it has completed its primary listing on the Johannesburg Stock Exchange with secondary listings on the London, Malawi, Namibia and Zimbabwe stock exchanges. Old Mutual Zimbabwe has since commenced trading on the ZSE.

"The key difference between our previous listing as Old Mutual Plc in London and our primary listing as Old Mutual Ltd in Africa is that capital from our shareholders will be focused on African businesses and invested in growth opportunities present in African markets we operate in," said Old Mutual Zimbabwe.

Officiating at the relisting event this morning, Finance and Economic Planning Minister Patrick Chinamasa said Old Mutual's new thrust was in line with Government's economic agenda.

"The decision to anchor in Zimbabwe and Africa is the very same agenda that Government has been driving. The country's development will be underpinned by both foreign and domestic investment in various economic sectors. We are glad Old Mutual is tangibly leading the way and showing that Zimbabwe is Open for business," he said.

In March 2016, the group agreed to separate its four businesses into independent, stand-alone companies – the 'Managed Separation' – driven by the need to reduce costs and ensure efficient funding for its constituent companies.

In terms of the Managed Separation, the US-based Old Mutual Asset Management (OMAM) was sold, while the United Kingdom-based Old Mutual Wealth was rebranded as Quilter Plc and is now listed on the London Stock Exchange – with a secondary listing on the Johannesburg Stock Exchange.

The wealth management company was spun off Old Mutual Plc – a financial holding company that sold 165 million Quilter shares for around 231, 1 million pounds ($306, 4 million).

- the herald

Tags: OldMutual, ZSE, Relist,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Knox Mutizwa wins August Goal of the Month award

by kickoff | 05 November 2018 | 858 Views

BREAKING: Gandawa on the run

by Staff reporter | 05 November 2018 | 1652 Views

Econet cannot distribute Kwese TV content to Zimbabwean viewers

by Staff reporter | 05 November 2018 | 1265 Views

Shoot-out robbers arrested

by Staff reporter | 05 November 2018 | 1300 Views

Mnangagwa ally warns economic saboteurs

by Staff reporter | 05 November 2018 | 1258 Views

Chamisa mobilises supporters for mass protests

by Staff reporter | 05 November 2018 | 1044 Views

LISTEN: Acie Lumumba speaks on how he got paid

by Staff Reporter | 05 November 2018 | 859 Views

Dzamara speak on Zanu-PF fights

by Mandla Ndlovu | 05 November 2018 | 830 Views

Minister Raj Modi Modi donates salary

by Mandla Ndlovu | 05 November 2018 | 704 Views

'I am a Trillionaire' Magaya says

by Mandla Ndlovu | 05 November 2018 | 1105 Views

Supermarkets to be blacklisted over cooking oil

by Mandla Ndlovu | 05 November 2018 | 710 Views

UK army to recruit from Commonwealth

by BBC | 05 November 2018 | 761 Views

Magaya opens up on arrest

by Mandla Ndlovu | 05 November 2018 | 754 Views

Kambarami is still 'Deputy Mayor'

by Mandla Ndlovu | 05 November 2018 | 619 Views

'Import ban must not go beyond December 21'

by Staff reporter | 05 November 2018 | 706 Views

Prophet Magaya puts fresh spin to arrest

by Staff reporter | 05 November 2018 | 713 Views

Chamisa's sign language interpreters get thumps up

by Staff reporter | 05 November 2018 | 699 Views

Mnangagwa to review Mthuli Ncube's 2% tax again

by Staff reporter | 05 November 2018 | 669 Views

Lumumba to be probed by ZAAC?

by Staff reporter | 05 November 2018 | 498 Views

Dzamara speak on ZANU PF fights

by Mandla Ndlovu | 05 November 2018 | 461 Views

Zimbabwe as a new gateway into Africa

by Minister of Finance Prof Mthuli Ncube | 05 November 2018 | 679 Views

Chiwenga's ex-wife looted millions

by Mandla Ndlovu | 05 November 2018 | 1061 Views

We are our own worst enemies

by Mapozho Saruchera | 05 November 2018 | 733 Views

Mnangagwa to deal with unexplained wealth and bank deposits

by Staff reporter | 05 November 2018 | 690 Views

WATCH: Chiwenga talks about Prophet Walter Magaya's lipstick

by Staff reporter | 05 November 2018 | 681 Views

Lumumba Saga takes new twist....War vets bay for Mutsvangwa's blood

by Mandla Ndlovu | 05 November 2018 | 751 Views

Chamisa demands Presidency

by Mandla Ndlovu | 05 November 2018 | 639 Views

Zimbabwean teachers miss out on New Zealand opportunity

by Staff Writer | 05 November 2018 | 585 Views

Zimbabwe to introduce e-provisional driver's exams

by Staff reporter | 05 November 2018 | 630 Views

Zimbabwe to supply water to South Africa

by Staff reporter | 05 November 2018 | 625 Views

Mnangagwa claims that 'good times will soon roll'

by Staff reporter | 05 November 2018 | 596 Views

Zimbabwe as a new gateway into Africa

by Hon. Prof Mthuli Ncube | 05 November 2018 | 681 Views

Chiyangwa appoint Karikoga Kaseke

by Staff reporter | 05 November 2018 | 598 Views

ZCTU demo: Ruling today

by Staff reporter | 05 November 2018 | 549 Views

Missing cop found dead

by Staff reporter | 05 November 2018 | 679 Views

Tagwirei marries long-time girlfriend

by Staff reporter | 05 November 2018 | 1045 Views

Zimbabwe relaxes maternity leave entitlement

by Staff reporter | 05 November 2018 | 640 Views

Zimbabwe to receive drugs, ambulances from India

by Staff reporter | 05 November 2018 | 563 Views