Old Mutual pledges R2.4bn more to buy back ‘undervalued’ shares
Company aims to continue returning capital to shareholders after declaring a 45c dividend per share on Monday for the six months to end-June
02 September 2019 - 09:02
SA’s second-largest insurer, Old Mutual, which is in the midst of a bruising public spat with former CEO Peter Moyo, said on Monday it will spend R2.4bn more in buying back its own “undervalued” shares.
A R2bn share repurchase in March and a further R500m buyback in May helped push up the company’s adjusted headline earnings per share (Heps) 10% in the six months to end-June, despite a 64% fall in after-tax profit for the period...
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