Old Mutual plans a R2.8bn BEE scheme to boost black ownership to over 30%
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Old Mutual is proposing a new empowerment transaction that will lift black ownership in the insurance giant from 25% to over 30%.
The insurer now wants to issue approximately 205.3 million new Old Mutual shares in the new empowerment transaction, named Old Mutual Bula Tsela, which means "pave the way" in English. The new shares will equal about 4.36% of Old Mutual's issued share capital.
The insurer now wants to issue approximately 205.3 million new Old Mutual shares in the new empowerment transaction, named Old Mutual Bula Tsela, which means "pave the way" in English. The new shares will equal about 4.36% of Old Mutual's issued share capital.
