South African insurer Old Mutual says it is to sell a Rand 7.2 billion ($1.16 billion) stake in its various South African businesses – which include bank Nedcor and insurer Mutual & Federal – to black investors and staff. London-listed Old Mutual will sell a 12.75 percent stake in them.
South African financial services companies must sell at least 10 percent of their capital to black investors under an industry charter aimed at shifting more of the mostly white-controlled economy into the hands of the black majority.