UAP-Old Mutual has kicked off a road show as part of its journey to listing on the Johannesburg Stock Exchange (JSE) on June 26. The “Anchoring in Africa” engagements for employees and stakeholders are taking place across the 13 African countries in which it operates with the latest event being held in Kenya on Thursday.
The roadshow traces the journey that the financial services group has embarked on from its headquarters in London, through 13 African countries, to Johannesburg. The aim of the roadshow is to share the excitement and significance of its listing on African soil, and also to discuss the latest developments in its business.
“We are one step closer to bringing Old Mutual home to Africa with a primary listing on the Johannesburg Stock Exchange and secondary listings on the London, Malawi, Namibia and Zimbabwe stock exchanges. The listings will happen simultaneously on 26th June,” says Peter Mwangi, Group CEO of UAP-Old Mutual.
Old Mutual will continue to play a significant role in regional socio-economic development, and in the lives of our customers, employees and communities as it has done for the past 173 years.
Present at the meeting were senior executives from UAP-Old Mutual Kenya and South Africa, Insurance Regulatory Authority (IRA), Faulu Microfinance and the firm stakeholders. They were led by Clement Chinaka, Managing Director, Corporate Business, UAP-Old Mutual and Group Chairman Dr JB Wanjui. Commissioner of Insurance and acting CEO of the Insurance Regulatory Authority Geoffrey Kiptum was the chief guest.
“We laud UAP Old Mutual’s renewed focus to do business in Africa, and commit that as an insurance regulatory body we are keen to work to deliver a viable framework to ensure the stability of the financial sector and enhanced financial inclusion for our people,” said Kiptum.
The proposed listing of Old Mutual Limited as an independent, standalone entity will allow the group to unlock shareholder value, create a business with a strong, strategic focus on sub-Saharan Africa and solidify its aim to be the leading financial services business in Africa.
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Old Mutual acquired a majority stake of 60.7% in UAP for Ksh 25.6 billion in July 2015. Old Mutual’s subsidiary Faulu Kenya is also on board in the merger to offer financial services to the customers of the UAP Old Mutual Group.
