{"id":42589,"date":"2021-06-27T17:54:56","date_gmt":"2021-06-27T15:54:56","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=42589"},"modified":"2021-06-27T17:38:14","modified_gmt":"2021-06-27T15:38:14","slug":"old-mutual-unbundles-12-2-stake-in-nedbank","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/old-mutual-unbundles-12-2-stake-in-nedbank","title":{"rendered":"Old Mutual Unbundles 12.2 % Stake In Nedbank"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>By Alois Vinga<\/b> – OLD Mutual is set to distribute 12.2 % of its stake in Nedbank to shareholders in a bid to ensure cohesive alignment with the ongoing arms\u2019 length commercial arrangements between the two companies.<\/p>\n

In a declaration announcement made through the Zimbabwe Stock Exchange Thursday, Old Mutual said the plans to execute the decision were at an advanced stage.<\/p>\n

\u201cThe board of directors of OML is pleased to announce that, subject to obtaining all requisite regulatory approvals, will unbundle a portion of its shareholding in the issued ordinary share capital of Nedbank Group Limited to the ordinary shareholders of OML,\u201d the notice said.<\/p>\n

A total 62,131,692 Nedbank ordinary shares and comprising 12.2% of the issued ordinary share capital of Nedbank will be ceded.<\/p>\n

The oldest insurers once held more than 50% stake in the reputable financial institution.<\/p>\n

The move is expected to support the capital structure of the OML\u2019s Life Assurance Company whilst implementing changes required by the Insurance Act which took effect from 1 July 2018 in South Africa.<\/p>\n

Old Mutual was committed to being a significant minority shareholder of Nedbank with the right to nominate a director to the boards of Nedbank and Nedbank Limited whilst retaining a right to review the Nedbank Stake as appropriate from time to time, in accordance with the protocols outlined in the relationship agreement concluded between Nedbank and Old Mutual on 19 April 2018.<\/p>\n

The insurer\u2019s board believes the move simplifies the group, allowing investors to focus on the core operations of Old Mutual.<\/p>\n

Unbundling also allows shareholders to participate more directly in the differentiated investment cases of Old Mutual and Nedbank and \u2013 provides a substantial return of capital to shareholders.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. By Alois Vinga – OLD Mutual is set to distribute 12.2 % of its stake in Nedbank to shareholders in a bid to ensure cohesive alignment with the ongoing arms\u2019 length commercial arrangements between the two companies. In a declaration announcement made through the Zimbabwe Stock Exchange Thursday, Old Mutual said the […]<\/p>\n","protected":false},"author":84,"featured_media":42588,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,19],"class_list":["post-42589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"\nOld Mutual Unbundles 12.2 % Stake In Nedbank - zimbabwe<\/title>\n<meta name=\"description\" content=\"By Alois Vinga - OLD Mutual is set to distribute 12.2 % of its stake in Nedbank to shareholders in a bid to ensur ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/old-mutual-unbundles-12-2-stake-in-nedbank\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Old Mutual Unbundles 12.2 % Stake In Nedbank\" \/>\n<meta property=\"og:description\" content=\"By Alois Vinga - OLD Mutual is set to distribute 12.2 % of its stake in Nedbank to shareholders in a bid to ensur ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/old-mutual-unbundles-12-2-stake-in-nedbank\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-27T15:54:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2021\/06\/img-60d89b45c4a4d.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"530\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/old-mutual-unbundles-12-2-stake-in-nedbank#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/old-mutual-unbundles-12-2-stake-in-nedbank\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Old Mutual Unbundles 12.2 % Stake In Nedbank\",\"datePublished\":\"2021-06-27T15:54:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/old-mutual-unbundles-12-2-stake-in-nedbank\"},\"wordCount\":284,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/old-mutual-unbundles-12-2-stake-in-nedbank#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2021\/06\/img-60d89b45c4a4d.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zimbabwe\",\"Zimbabwe\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/old-mutual-unbundles-12-2-stake-in-nedbank#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/old-mutual-unbundles-12-2-stake-in-nedbank\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/old-mutual-unbundles-12-2-stake-in-nedbank\",\"name\":\"Old Mutual Unbundles 12.2 % Stake In Nedbank - 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