Picture: THINKSTOCK
Picture: THINKSTOCK

Old Mutual plans to spend R2.4bn on buying back its own “undervalued” shares.

“The board believes that the share price is trading at a discount to its intrinsic value and is of the view that a share repurchase programme will deliver longer-term incremental value to shareholders,” the group said in a statement.

Old Mutual’s share price has come under pressure due to a highly public spat with its axed CEO Peter Moyo.

Business Day TV spoke to Old Mutual acting CEO Iain Williamson for more detail on the share buyback programme.

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