Old Mutual buys major stake in the 5MWp Rosh Pinar solar power plant in Namibia

NAMIBIA – Old Mutual Investment Group Namibia, has acquired a majority stake in Aloe Investments Number Twenty-Seven, the project company that owns and operates the 5MWp Rosh Pinah solar power plant in Namibia. These shares were previously held by the Spanish company AEE Power Ventures. The value of shares bought by Old Mutual was not disclosed. The plant, which has a capacity of 5 MWp, went into commercial operation in 2017 and the 13.5 GWh produced annually by the solar farm are sold to the state-owned company NamPower under a…

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Kenya’s UAP Holdings and Old Mutual to merge their life assurance divisions

KENYA – Financial services group UAP Holdings Limited (UAPH) has announced plans to merge its life insurance business with the life insurance business of Old Mutual Life Assurance Company Limited (OMLAC). The Group’s company secretary Nkirote Mworia Njiru through a statement said the move is part of an internal restructuring of the UAP old Mutual Group where UAP Holdings will acquire shares in Old Mutual Life Assurance Company. ” Pursuant to the proposed restructuring, UAPH will acquire shares in OMLAC through its wholly owned subsidiary UAP Life Assurance Limited and…

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Old Mutual appoints Iain Williamson as its permanent Chief Executive Officer

SOUTH AFRICA – Financial services firm Old Mutual Ltd has announced the appointment of acting chief executive officer Iain Williamson as its permanent head. The move ends more than a year of uncertainty over who will lead one of South Africa’s biggest insurers following the suspension and subsequent sacking of former CEO Peter Moyo in June 2019 after a conflict of interest dispute. Old Mutual said it had conducted a comprehensive global search, but in the end chose Williamson, an actuary who has spent almost three decades at the Johannesburg-based…

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Old Mutual’s agricultural fund advisor invests in Malawian agribusiness firm

MALAWI – South African based, United Farmers Fund (UFF) Agri Asset Management, the agricultural fund advisor within the Old Mutual Investment Group has invested in Malawian farming business, Jacoma Estates and its subsidiary. Jacoma Estates is the parent company of Tropha Estates, an agribusiness in Northern Malawi developing over 1,000 hectares of irrigated macadamia and annual crops. The company is focused on producing cash crops for export, has three nucleus farms and a macadamia processing facility. It has also established smallholder out grower schemes for macadamia, chili and paprika. Being UFF…

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Old Mutual director Nombulelo Moholi resigns

SOUTH AFRICA – Old Mutual’s non-executive director, Nombulelo Moholi, has resigned from Board of the insurer’s South African-based subsidiary Old Mutual Life Assurance Company with immediate effect, according to an announcement In an apparent blow to chairman Trevor Manual, Moholi, who chaired the remuneration committee, said she resigned for personal reasons. Old Mutual, in a statement on the Stock Exchange News Service (SENS) said: “In compliance with rule 3.59 of the JSE Listings Requirements, Old Mutual announces the resignation of Ms Moholi as a non-executive director of the Company and…

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Old Mutual closes two resource sector unit to simplify its offering

SOUTH AFRICA – Old Mutual, a financial service group, has informed investors that it intends to close two of its longest running unit trusts, the Old Mutual Mining and Resources Fund and the Old Mutual Gold Fund. According to Money Web, the performance of both funds has been outstanding over the past year and the group wants them to be amalgamated into the Old Mutual Equity Fund. Siboniso Nxumalo, head of the Old Mutual Equities boutique, says the decision is part of a wider consolidation that has been taking place…

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Old Mutual to spend US$176m in share buyback programme

SOUTH AFRICA  – South Africa’s financial services group, Old Mutual, said it plans to spend up to US$176 million (R2.5bn) on buying back its own shares, which the market currently undervalues. This comes as an extension of its buyback programme by US$35.2 million (R500m) after saying in March it would spend up to US$140.81 million (R2bn) on repurchases, reports Business Day. “The Old Mutual board believes that Old Mutual is trading at a discount to its intrinsic value and is of the view that a share repurchase programme will deliver…

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