Old Mutual to list R110bn firm
The new locally based business will be part of the group’s separation
The South African-based emerging markets business Old Mutual will list on the JSE in 2018 as part of its managed separation could ultimately be worth R100bn to R110bn, making it smaller than Sanlam but bigger than Discovery and the other listed life assurers, analysts say. London-listed Old Mutual said last week the managed separation, revealed a year ago, would see it break up into its four underlying businesses and close its London head office. The group’s emerging markets business, which includes Old Mutual’s life, asset management, insurance and lending businesses, as well as its controlling stake in Nedbank, will be coming home to SA as an independent company with a primary listing on the JSE. Investec Asset Management fund manager Chris Steward said the market value of the new company was likely to be about R120bn to R130bn, of which Nedbank accounted for 40% to 45%. This would drop to R100bn to R110bn once Old Mutual unbundled about two-thirds of its Nedbank interest to share...
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