When Old Mutual Ltd lists on the JSE on June 26, it will be a landmark event, not just for Old Mutual and the JSE; it will be a symbolically important event for SA. The new company, which will have its primary listing on the JSE with a secondary listing in London, is one of the two that has been split out of London-listed Old Mutual to effect the group’s managed separation process. Old Mutual Ltd is a sub-Saharan African financial group that looks, in a way, like a grown-up version of the Old Mutual that left SA in 1999 and set up its head office and primary listing in London. The soon to be JSE-listed company is likely to have a market value of R120bn or more. It’s not every day that SA’s investment community has a new listing that large, or that symbolic, and for the new Ramaphosa administration the "coming home" of Old Mutual to Johannesburg will be a nice moment, cementing the new air of confidence in SA. Inevitably, though, the listing will raise questions about why Old Mutual ...
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