Two new listings for Old Mutual in 2018
Financial services firm Old Mutual has said that it intends to list two units in London and Johannesburg in 2018: Old Mutual Wealth (OMW) and Old Mutual Limited (OML).
At present, Old Mutual is undertaking a managed separation strategy. According to Bruce Hemphill (pictured), group CEO, the company is making "excellent progress in delivering the managed separation". It has materially reduced debt and largely disposed of its stake in OM Asset Management, he added. The next step will be the two listings.
"Our focus for the next phase of managed separation is first to finalise the appropriate standalone balance sheets for our two unlisted businesses, and second, subject to the necessary approvals, deliver them to our shareholders at the earliest opportunity in 2018 after our 2017 full year results."
Following the listing of OML, the group said it hopes to distribute a large proportion of its shareholding in Nedbank to OML.