By Alois Vinga
OLD Mutual is set to distribute 12.2 % of its stake in Nedbank to shareholders in a bid to ensure cohesive alignment with the ongoing arms’ length commercial arrangements between the two companies.
In a declaration announcement made through the Zimbabwe Stock Exchange Thursday, Old Mutual said the plans to execute the decision were at an advanced stage.
“The board of directors of OML is pleased to announce that, subject to obtaining all requisite regulatory approvals, will unbundle a portion of its shareholding in the issued ordinary share capital of Nedbank Group Limited to the ordinary shareholders of OML,” the notice said.
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