Old Mutual pledges R2.4bn to buy back more 'undervalued' shares

Old Mutual plans to spend R2.4bn on buying back its own "undervalued" shares.

“The board believes that the share price is trading at a discount to its intrinsic value and is of the view that a share repurchase programme will deliver longer-term incremental value to shareholders,” the group’s statement reads.

Old Mutual's share price has come under pressure due to a highly public spat with its axed CEO Peter Moyo.

Business Day TV spoke to Old Mutual acting CEO Iain Williamson for more detail on the share buy back programme.