By Alois Vinga
SOUTH Africa based investment management company, Allan Gray has increased its shareholding threshold in diversified financial services conglomerate Old Mutual Limited (OML) to 10%.
A notice to shareholders released by Old Mutual Tuesday showed the latest details arrived at upon completion of the transaction conducted in accordance with section 122(3)(b) of the Companies Act, 71 of 2008 (“the Act”) and section 3.83(b) of the Johannesburg Stock Exchange Limited listings requirements.
“Shareholders are advised that Old Mutual has received formal notification that clients of Allan Gray have, in aggregate, acquired an interest in the ordinary shares of the company.
“The total interest in the ordinary shares of the company held by Allan Gray’s clients now amounts to 10.0018% of the total issued ordinary shares of the company. As required in terms of section 122(3) (a) of the Act, Old Mutual has filed the required notice with the Takeover Regulation Panel,” the notice said.
Allan Gray is an investment management company from South Africa and has offices in Botswana, Namibia, Kenya, Swaziland and Nigeria. It maintains a close relationship with sister companies Orbis Investment Management and Allan Gray Australia. Its clients include institutional investors, individual investors, insurance companies, trusts, foundations and foreign institutions.
The company is increasing its stake in OML which is one of Africa’s largest insurers with interests in banking, property management and asset management among others in respective markets across sub-Saharan Africa and Asia.
OML operates in 14 countries in two continents and recently forgo its UK listings and other businesses. It also demerged Nedbank as part of a major organisational restructuring exercise.
The diversified group has a primary listing in South Africa and in Zimbabwe. Old Mutual has a diversified financial services offering and is a leader in insurance, property as well as equity investments.
Its share price on the Zimbabwe Stock Exchange has realised a tremendous growth driven by hedge seekers and rent seekers capitalising on the current inflation as well as exchange rate challenges.