Old Mutual to list two new divisions in 2018
Old Mutual Ltd and Old Mutual Wealth created; London head office will be closed down
Old Mutual is building up cash at its London head office as it prepares to strengthen the balance sheets of the two standalone companies, in SA and the UK, that it plans to list in 2018. The group, which is breaking itself up into its component parts, is on track to list the newly created Old Mutual Ltd on the JSE and Old Mutual Wealth on the London Stock Exchange as soon as possible after it announces its full-year results next March. The group, which on Friday reported a 37% increase in adjusted operating profit, also expects to close its London head office in 2018 as it delivers on its promise to "materially complete" its managed separation process by the end of that year. Old Mutual has sold noncore assets in the US, Italy and India and has paid down a big chunk of debt. It had pro forma cash of £1.23bn (about R21bn) on its balance sheet at the end of June, up from £743m at the end of December, and will inject some of that into the two new companies to ensure that they have appr...
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.