Chinamasa buoyant as Old Mutual relists on the Zimbabwe Stock Exchange

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By Staff Reporter

Old Mutual Zimbabwe relisted on the Zimbabwe Stock Exchange (ZSE) Tuesday morning, with the company group chief executive officer describing the development as “historic and significant” for both the country and Africa.

Finance Minister Patrick Chinamasa said the new trust was in line with the new administration’s economic agenda.

Speaking at the occasion in Harare Old Mutual Zimbabwe and the rest of Africa chief executive officer Jonas Mushosho said this represents an opportunity for increased focus and attention on Africa and its markets.

“Anchoring in Africa is an important step towards making Old Mutual Zimbabwe more in touch with the local market and their needs,” he said.

“This change means that our staff will be working for a healthier business which is strategically focused on improving and strengthening its business position through the Anchoring in Africa strategy.”

He added, “Naturally, a stronger Old Mutual will have downstream benefits for employees who are a key focus of our Responsible Business values.”

“As you may be aware from various activities that began through the Managed Separation Strategy, culminating in today’s relisting on the ZSE we are on an exciting path to positioning Old Mutual as Africa’s premium financial services provider.” 

Managed Separation, was initiated by Old Mutual plc in March 2016, to break up its structure into four separate entities.

“Old Mutual Limited is one of the four entities that will be fully established after the primary listing in Johannesburg, and it will comprise of all our existing operations in Africa.

The key difference between our previous listing as Old Mutual plc in London and our primary listing as Old Mutual Limited in Johannesburg is that the capital from their shareholders will be used in their African businesses and invested in the growth opportunities present in the African markets in which they operate.

This listing also provides an opportunity to grow Old Mutual, and the solid business they will build will be better placed to do even more as a Responsible Business for their surrounding communities.”

Chinamasa said decision to anchor in Zimbabwe and Africa chimes with government’s agenda.

“The country’s development will be underpinned by both foreign and domestic investments in various economic sectors,” he said.

“We are glad Old Mutual is tangibly leading the way and showing that Zimbabwe is Open for Business.”