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.
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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.
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(END) Dow Jones Newswires
November 01, 2017 04:01 ET (08:01 GMT)