Old Mutual PLC Subsidiary to Retain 19.9% Stake in Nedbank
01 November 2017 - 9:16AM
Dow Jones News
By Oliver Griffin
Old Mutual PLC (OML.LN) said Wednesday that it has agreed to
retain its strategic minority sharehold in Nedbank Group Ltd.
(NED.JO) at 19.9%, underpinning the commercial relationship between
the two companies.
The stake will be held by Old Mutual Limited, a new South
Africa-based holding company that will have a primary listing on
the Johannesburg Stock Exchange and a secondary listing on the
London Stock Exchange.
Old Mutual Limited will be listed on both exchanges at the
earliest opportunity in 2018, but only after Old Mutual PLC's
full-year results for 2017 are published.
Old Mutual Limited doesn't intend to sell any of its
shareholding in Nedbank Group to a strategic investor.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
November 01, 2017 04:01 ET (08:01 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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