Old Mutual Limited (JSE:OMU), the investment, savings, insurance, and banking group, yesterday bought back its primary listing to the JSE's Main Board. This milestone ends the group's almost two decades, as a London-based, FTSE100 financial services group.
Early in 2016, Old Mutual announced that it would re-strategise and separate its different businesses. This managed separation entailed breaking down the group into four separate entities, to unlock and create value for shareholders.
Donna Nemer, Director, Capital Markets at the JSE, welcomed Old Mutual back onto to the exchange, adding that: "Welcoming Old Mutual Limited today is a cause for celebration not only for the company, but for the creation of a more diversified funding ladder to support businesses and services across Africa. It's what we need to boost investor confidence. Old Mutual is well-positioned in the Southern African Development Community while having exposure to key growth markets in East and West Africa. At the JSE, we believe that growth happens when connections are made and this listing fosters a fruitful connection that will inspire mutual partnership, well-into a future and exciting opportunities for both local and international investors."
Old Mutual lists in the Life Insurance sector, joining its sister company Old Mutual PLC (JSE:OML) and five other companies listed in this sector. The sector's market capitalisation has now grown to R530 billion. This listing brings the total number of listings on the JSE this year to ten, with a total market capitalisation of R14.8 trillion.
Old Mutual Limited is also going to be listed in Zimbabwe, Namibia and Malawi and it would continue to focus on the emerging markets in which the company has a significant presence already.
