EMERGING MARKETS:
Old Mutual unit’s listing on the cards
Dual listing of Old Mutual plc’s emerging-markets unit on the Johannesburg and London bourses is expected soon after the release of its results for the 2017 financial year
The dual listing of Old Mutual plc’s emerging-markets unit on the Johannesburg and London bourses is expected soon after the release of its results for the 2017 financial year and will be named Old Mutual Limited, the insurer says. It would also implement a demerger — to the benefit of existing shareholders — and a small initial public offering of Old Mutual Wealth around the same time, it said on Thursday. Old Mutual plc, which is in the middle of a "managed separation" of its four core business units — including the wealth business Old Mutual Emerging Markets and banker Nedbank — usually releases its results towards the end of February or early March. "The timing for the next stage of managed separation will in part be dependent on receipt of regulatory approvals, but we currently anticipate the listing of Old Mutual Wealth and the South African holding company to take place at the earliest opportunity in 2018 after Old Mutual plc’s 2017 full-year results," said CEO Bruce Hemphill...
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