Old Mutual PLC Subsidiary to Retain 19.9% Stake in Nedbank

By Oliver GriffinFeaturesDow Jones Newswires

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.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

November 01, 2017 04:01 ET (08:01 GMT)