Old Mutual shows the path

Old Mutual, the largest foreign insurance company in Zimbabwe, plans to relocate its shareholding to comply with the new legislation. The latter advises that 51% of its capital must be owned by local investors. Old Mutual does not intend to sell the majority to a competitor or to any large Zimbabwean institution. The insurer has approved the cession of 27% of its shares to staff members, 17% to a local pension fund and 7% to the "National Indigenization Trust Fund”. The parent company will remain the main shareholder although not the majority shareholder.