5th Aug 2008 07:02
Ref 130/08
5 August 2008
UPDATE ON DISPOSAL OF MUTUAL & FEDERAL INSURANCE COMPANY LIMITED ("MUTUAL & FEDERAL")
Old Mutual plc announces that it intends to initiate a competitive sale process in September 2008 to dispose of its entire shareholding in Mutual & Federal. Shareholders are referred to Mutual & Federal's cautionary statement in this regard included in its results announcement today.
Financial advisor to Old Mutual plc:
NM Rothschild & Sons (Proprietary) Ltd
Sponsor to Old Mutual plc:
Merrill Lynch South Africa (Proprietary) Ltd
For further information on Old Mutual plc, please visit the corporate website at www.oldmutual.com
Enquiries
Investor Relations
Mary Jackets UK +44 (0)20 7002 7149
Aleida White UK +44 (0) 20 7002 7287
Deward Serfontein SA +27 (0)82 810 5672
Media
Matthew Gregorowski UK +44 (0)20 7002 7133
Notes to Editors
Old Mutual
Old Mutual plc is an international savings and wealth management company based in the UK. Originating in South Africa in 1845, the group has a portfolio of businesses offering asset management, life assurance, banking and general insurance services in over 40 countries in Europe, the Americas, Africa and Asia-Pacific. Old Mutual plc is listed on the London Stock Exchange and the JSE, among others.
In the year ended 31 December 2007, the group reported adjusted operating profit of £1.62 billion (on an IFRS basis) and had £279 billion of funds under management at the year end. The Company has approximately 53,000 employees.
Mutual & Federal
Mutual & Federal provides insurance services to the personal, commercial and corporate markets in South Africa, Namibia, Botswana and Zimbabwe.
Old Mutual owns 75% of Mutual & Federal Insurance Company Limited on a fully-diluted basis, after taking account of Mutual & Federal's BEE ownership transactions. Mutual & Federal's shares are listed on the JSE Limited and the Namibian Stock Exchange.
Related Shares:
Old Mutual PLC