October 17, 2018 / 3:41 PM / a month ago

South Africa's Old Mutual to sell Nedbank shares

JOHANNESBURG, Oct 17 (Reuters) - South Africa’s Old Mutual Ltd said on Wednesday it would sell around 5.5 million shares in Nedbank Group Ltd to select institutional investors, following the spin-off of the unit.

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. (Reporting by Tanisha Heiberg Editing by James Macharia)

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