HARARE – Diversified financial services group Old Mutual Zimbabwe Limited (OM) will today start trading 25 percent of its shares worth over $100 million as part of efforts to comply with the indigenisation policy.
Jonas Mushosho, the group’s chief executive, said the trade will be conducted by “select and approved potential investors and pre-approved buyers, in conformity with the regulatory bodies that govern compliance with indigenisation regulations.”
The insurance giant’s empowerment proposal was approved last year.
A share split was subsequently effected for 100 percent and fully paid ordinary shares in OM after which 75 percent were converted into 249 million ‘A Class’ shares and 25 percent into 83 million ‘B Class’ shares.
“To manage continued compliance with indigenisation regulations, it was decided that the ‘B Class’ shares be introduced to the local market through the over the counter trading platform,” said Mushosho.