Companies & Markets

Old Mutual plans preference shares issue

Kudzanai Gerede, Companies and Market Editor0662 views

About US$32,062 million is owed Old Mutual Zimbabwe Holdco Limited (OMZHL) in respect of dividends not paid by OMZIL when the entity was the direct holding company of OMZIL. At least US$2,252 million is owed to Old Mutual Africa Holdings Proprietary Limited in respect of service fees.

OLD Mutual Zimbabwe Limit­ed (OMZIL) is seeking share­holder approval to convert an US$84,3 million debt owed to subsid­iaries into preference shares as it aims to ease cash flow pressure and clean up its balance sheet. Under the proposal to be decided at an annual general meeting stated for May 27, OMZIL will issue the new…

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