Old Mutual employee trusts purchase 5.3 million shares

Last week, Old Mutual Limited (JSE:OMU) announced that its employee share incentive scheme trusts had bought 5,274,530 ordinary shares through market transactions, according to a press release. The Broad-Based Black Economic Empowerment Employee Trust acquired 3,125,089 shares on Wednesday and Saturday at volume weighted average prices between R13.2373 and R13.4449 per share, totaling around R41.7 million.

Meanwhile, the Employee Trust purchased 2,149,441 shares at comparable price levels, valued at approximately R28.7 million. The share purchases served as hedging transactions for the Employee Share Ownership Plan and Long-term Incentive Plan awards, with trading prices fluctuating between R13.1500 and R13.5800 per share. Old Mutual operates across 12 African countries and has a presence in China, being listed on several stock exchanges including the Johannesburg, London, Namibian, Malawi, and Zimbabwe Stock Exchanges.

The transactions complied with JSE Limited Listings Requirements and received necessary clearance per the exchange's regulations. This report was AI-assisted and editorially reviewed.