October 18, 2018 / 7:02 AM / a month ago

South Africa's Old Mutual sells all 5.5 mln shares in Nedbank

JOHANNESBURG, Oct 18 (Reuters) - South Africa’s Old Mutual Ltd said on Thursday it sold all 5.5 million shares in Nedbank Group Ltd to select institutional investors, marking the final step in the spinning-off of the unit.

The Nedbank shares were sold at a price of 230 rand each, it said in a statement, without giving any further details.

Old Mutual, which holds a majority stake in Nedbank, has been dismantling its conglomerate structure, created after a series of acquisitions, since it moved its headquarters and primary listing to London in 1999.

As part of the plan, it spun off a majority stake in Nedbank on Monday and now holds around 19.9 percent.

The spin-off terms stipulated that if qualifying U.S. Old Mutual shareholders did not submit an investor letter to Old Mutual’s registrar by October 12, they would be restricted from receiving Nedbank shares and Old Mutual would then sell those in the market. (Reporting by Nqobile Dludla; editing by Jason Neely)

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