OLD MUTUAL
Investors embrace Quilter’s JSE debut
The listing, which gives Quilter a market value of close to R51bn, marks the final stages of Old Mutual’s break-up
The share price of Old Mutual’s former wealth management unit, Quilter, leapt as much as 6% on its JSE debut on Monday, as investors cheered the addition of another foreign currency earner to the exchange. The listing, which gives Quilter a market value of close to R51bn, marks the final stages of Old Mutual’s break-up. Quilter’s share price closed at R26.80, 3.5% ahead of its placement price of R25.88. Old Mutual Ltd, which holds Old Mutual Emerging Markets and the group’s majority stake in Nedbank, will list on Tuesday in Johannesburg and London. The listings are a pivotal part of Old Mutual plc’s “managed separation process”, which began in March 2016. The group is splitting into four independent businesses: US-listed Old Mutual Asset Management, Old Mutual Ltd, Quilter and Nedbank. Over the next six months Old Mutual Ltd will reduce its stake in Nedbank from 54% to 19.9%. Quilter was “100% a rand hedge share”, making it attractive to many South African investors, said Renier de ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.