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Enter Old Mutual Ltd, exit Old Mutual plc

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Old Mutual Malawi Monday announced plans by the Old Mutual Group to list Old Mutual Limited on the Malawi Stock Exchange (MSE) on June 26.

The move would eventually lead to the delisting of the Old Mutual plc counter from the local bourse.

The development comes following the managed separation of Old Mutual plc, which has been split into four stand alone, listed businesses namely Quilter plc [the United Kingdom (UK) wealth management business focused principally in the affluent market segment previously called Old Mutual Wealth], Old Mutual Limited (the sub-Saharan Africa financial services business), Nedbank [the fourth largest bank in South Africa], and OM Asset Management [the US-based institutionally focused, multi-boutique asset management business].

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Old Mutual plc board proposed the managed separation in March 2016, a move that, they believed, would be in the best long-term interests of shareholders and stakeholders.

Old Mutual Malawi Chief Executive Officer, Edith Jiya, told reporters in Blantyre on Monday that, following the managed separation, the local business now falls under Old Mutual Limited.

She said Old Mutual Limited would on June 26 move its primary listing from the London Stock Exchange to the Johannesburg Stock Exchange.

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Jiya said, on the same day, the firm would be making secondary listings in Malawi, Namibia, Zimbabwe and the United Kingdom.

She said, for every single share held in Old Mutual plc, shareholders would get three shares in Old Mutual Limited as well as a share in Quilter and Nedbank.

Nedbank is already listed and the Old Mutual Group owns approximately 54 percent of the share capital of Nedbank which they intend to reduce to 19.9 percent within six months of listing.

Quilter plc is a leader in the UK and in selected offshore markets in wealth management, providing services to over 900,000 customers in the affluent market segment.

Jiya said customers would not be affected by the move.

“We will remain a financially strong, well capitalised and well governed business with capabilities that position us to meet the changing needs of our customers.

“Our focus on innovative solutions and distribution channels is unwavering as is our commitment to delivering high quality service,” Jiya said.

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