Old Mutual plc changes focus to Africa

 

Old Mutual plc plans to move its primary listing from the London Stock Exchange to Johannesburg Stock Exchange to shift its focus to the African businesses and investing in the growth opportunities on the continent.

This follows a two-year process the institution embarked on to separate the Old Mutual plc business in four separate entities.

Jiya: This is
an opportunity

With the new development,  Old Mutual plc will continue to have its secondary listing in Malawi along with Namibia, Zimbabwe and the United Kingdom, but will on June 26  this year delist as Old Mutual plc on the Malawi Stock Exchange (MSE) and list as Old Mutual Malawi Limited.

Old Mutual Malawi Limited chief executive officer Edith Jiya told journalists on Monday the development presents an opportunity to further grow in Africa and demonstrate the confidence the group has in Africa’s financial markets.

She said the listing provides an opportunity to grow the value and reach the maximum potential of the business, adding that  the stronger the company becomes, the more it becomes a responsible business.

“Now that this will be a business solely focused on Africa markets in terms of capital investments, strategy and opportunities, shareholders will have a clear picture and understanding of the business,” said Jiya.

MSE operations manager Esnat Chilije said in an interview on Monday the move may not have any major change on the 13-counter MSE.

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