NEDBANK TRANSACTION
Investors shower Old Mutual with R4bn as share price surges
24 June 2021 - 10:58
UPDATED 24 June 2021 - 23:06
Shares in Old Mutual booked their biggest one-day gain in nine months, adding almost R4bn to its market value, as investors cheered the news that the insurer will distribute a portion of its stake in Nedbank.
Old Mutual, which traces its roots back to the mid-19th century as SA’s first mutual aid society with 166 members, will hand shareholders 12.2%, valued at just over R10bn, of its 19.4% stake in Nedbank, it said after the market closed on Wednesday...
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.