Shareholders have given the thumbs-up for a R7,2-billion black economic empowerment deal (BEE) that will see 12,75% of Old Mutual plc’s South African operations going to black investors and staff.
Commenting on the results of Wednesday’s vote, chief executive Jim Sutcliffe said: “We are pleased that shareholders have shown their strong support for our BEE ownership proposals, which have also been welcomed by key constituencies within South Africa.
“They have already had a positive impact on the performance of our three South African businesses, where trading has continued to build on the positive start made in the first quarter of the year.” — I-Net Bridge