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"Beneficiaries of the equity will include pensioners with a grant equal to a 10 percent equity in the insurance company, staff nine percent equity, str..."
Insurance giant Old Mutual Zimbabwe has announced a $100 million indigenisation plan with the government of Zimbabwe.
Ralph Mupita Old Mutual South Africa and emerging markets chief executive said the deal will see the company ceding 25% equity in the group as part of its initial plan.
“Old Mutual has reached an agreement with the Ministry of Youth Development, Indigenisation and Empowerment towards the implementation and compliance with the Indigenisation and Economic legislation of Zimbabwe,” he said.
Beneficiaries of the equity will include pensioners with a grant equal to a 10 percent equity in the insurance company, staff nine percent equity, strategic indigenous partners 3,5 percent while the National Youth Fund will receive a grant equal to 2,5 percent shareholding valued at $10 million.
The Zimbabwe Stock Exchange listed company said it will also provide an additional one million dollar grant to the youth fund.
The insurance concern also committed to providing funds for an Agricultural Fund, $15 million towards the construction of 1500 housing units and $20 million in a Liquidity Fund for the benefit of local business .
Ralph Mupita Old Mutual South Africa and emerging markets chief executive said the deal will see the company ceding 25% equity in the group as part of its initial plan.
“Old Mutual has reached an agreement with the Ministry of Youth Development, Indigenisation and Empowerment towards the implementation and compliance with the Indigenisation and Economic legislation of Zimbabwe,” he said.
Beneficiaries of the equity will include pensioners with a grant equal to a 10 percent equity in the insurance company, staff nine percent equity, strategic indigenous partners 3,5 percent while the National Youth Fund will receive a grant equal to 2,5 percent shareholding valued at $10 million.
The Zimbabwe Stock Exchange listed company said it will also provide an additional one million dollar grant to the youth fund.
The insurance concern also committed to providing funds for an Agricultural Fund, $15 million towards the construction of 1500 housing units and $20 million in a Liquidity Fund for the benefit of local business .
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