Regrets, Old Mutual has a few
I did it my way, Peter Moyo might say, but holding onto a Nedbank stake is proving costly
03 September 2020 - 05:00
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...
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.