Tawanda Musarurwa Business Reporter
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).