Old Mutual PLC Subsidiary to Retain 19.9% Stake in Nedbank

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)