Regrets, Old Mutual has a few
I did it my way, Peter Moyo might say, but holding onto a Nedbank stake is proving costly
Old Mutual must be kicking itself for refusing to unbundle its full controlling stake in Nedbank.
The then CEO, Peter Moyo, insisted on keeping a 20% holding in 2018 when the life assurer handed the rest of the shares to investors. The result is that in its half-year results to June, released this week, Old Mutual took a swingeing R8.5bn impairment through its income statement due to the 60% fall in Nedbank’s share price this year.