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Old Mutual ( (ODMUF) ) just unveiled an update.
Old Mutual has announced a share repurchase programme, authorized at its recent Annual General Meeting, allowing the company to buy back up to 10% of its issued ordinary shares, amounting to approximately 220 million shares or R3 billion. This initiative, aimed at reducing the company’s issued share capital, is expected to enhance long-term shareholder value by addressing the current discount to the company’s intrinsic value and will be conducted exclusively on the Johannesburg Stock Exchange.
More about Old Mutual
Old Mutual is a premium African financial services group offering a wide range of financial solutions to retail and corporate customers across key market segments in 12 countries. Its primary operations are in Africa, with a niche business in China, and it has been a significant part of sub-Saharan Africa’s communities for over 180 years.
Learn more about ODMUF stock on TipRanks’ Stock Analysis page.