By Hilary Mare
OLD Mutual, the investment, savings, insurance, and banking group, has completed its homecoming, with primary listing on the Johannesburg Stock Exchange (JSE) and secondary listings on Stock Exchanges in Namibia, London, Malawi and Zimbabwe.
The group was listed primarily on the London Stock Exchange (LSE) with secondary listings on the JSE.
On the secondary listing day in Namibia this week, Kosmas Egumbo, Group Chief Executive Officer of Old Mutual Namibia, noted that Old Mutual was a corporate that had committed herself to co-create a better and more prosperous Namibia for all and an entity that avail itself to be owned by more Namibians.
“What the listing of Old Mutual Limited means for our business is that we will become a stronger and more focused business. One that is able to provide enhanced performance. The listing of Old Mutual Limited will also open a new chapter for us, as our business will be owned by shareholders who aspire to have a focused and clear emerging market exposure.
“As a business we reaffirm our commitment to the future of this continent, we are committed to enabling positive futures in Namibia. As a Responsible Business we shall demonstrate responsibility to our customer, we shall continue to invest responsibly, we will evidence responsibility to our communities, we are responsible towards our employees and our decisions and actions shall equally evidence our responsibility towards the environment,” he said.
Egumbo went on to state that re-assure Old Mutual Namibia clients that the company will continue to be in the same capable hands, and that the day-to-day running of the business will continue as usual.
“Your investments and policies, and our product offerings, will not be affected by Managed Separation and the listing of Old Mutual Limited. We remain a financially strong, well-capitalised and well-governed business with capabilities and focus that position us better to meet the changing needs of your customers and prospective customers. Our focus on innovative solutions and drive to enhance customer experience is never ending as is our commitment to creating value and risk adjusted returns for your savings and investments.”
Tiaan Bazuin, Chief Executive Officer of the Namibia Stock Exchange noted that a lot had been said about dual listing in recent times and it probably warranted a little explanation where the drive for this type of listings came from.
“In the SADC Financial and Investment protocol dual or cross listings are specifically stated as an objective to diversify the regional investment landscape.
“Old mutual clearly applied this principle when they demutualised and listed the company in all the jurisdictions they had policyholders that became their shareholders. You can also see in the staff and training they provide in each of the countries that they are committed to each of the jurisdictions and not only a post office box with the real decisions being made in another country,” he said.
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