Old Mutual to retain 20 percent of South Africa's Nedbank after splitStaff Writer | November 2, 2017
Anglo-South African financial services group Old Mutual said on Wednesday it will retain a 19.9 percent strategic minority shareholding in Nedbank after the parent company's planned split.
Africa After split
Old Mutual said in May that a new South African holding company, Old Mutual Limited (OML), would hold the shareholding in Nedbank Group after the separation.
The shareholding in Nedbank, which is a majority-owned banking subsidiary of Old Mutual plc, will be held by OML which will have a primary listing on the JSE and a secondary listing on the London Stock Exchange, the companies said in a statement.
The companies said Old Mutual Limited will be listed on both exchanges at the "earliest opportunity" in 2018 after Old Mutual plc's 2017 full-year results are published. ■