Old Mutual begins trading shares worth $100 million

OLD Mutual Zimbabwe Limited will today begin trading part of 25% shares worth $100 million allocated to various interest groups under the company’s indigenisation plan.

Speaking at the launch of a platform that will facilitate the trading of the shares on Friday, Old Mutual group chief executive officer Jonas Mushosho said following the approval of the indigenisation strategy in 2012, a share split was effected for 100% of the issued and fully paid ordinary shares in Old Mutual after which 75% were converted into 249 million “A” class shares and 25% into 83 million “B” class shares.

“To manage continued compliance with indigenisation regulations, it was decided that the “B”class shares be introduced to the local market through the Over-The Counter (OTC) Trading Platform, run by OMSEC.

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