Browsing: Old Mutual

Irrespective of size, reputation, experience, and capability, being awarded a project is not as easy and achievable as in other countries due to the B-BBEE (Broad-Based Black Economic Empowerment) legislation introduced by the Government of South Africa, which is unique and only applicable to firms registered and trading in South Africa.

Nasdaq in an article dated April 20, 2022, said the move is classed as Black economic empowerment (BEE) transaction, a government initiative to reverse ongoing economic inequalities almost three decades after the end of apartheid, encouraging companies to meet quotas in areas including Black ownership, employment, and procurement.

“This deal underpins our firm belief that real transformation is necessary to sustain business growth and serve the best interests of all South Africans,” CEO Iain Williamson said in a statement.

“Through this Old Mutual Bula Tsela Retail Scheme, we will give our people the opportunity to become (indirect) owners of the company they love and trust,” he added.

The new shares will constitute approximately 4.36 per cent of Old Mutual’s current issued share capital and 4.18 per cent of the enlarged share capital.

Broker-controlled accounts deliver lower costs and easier account opening procedures for investors wanting to open a VFEX trading account.

This offers a one-stop-shop facility for the investor, given by opening an account with the custodian and transacting through a securities dealer, the broker-controlled model offers investors all the services under one roof to the convenience of the investor.

The securities dealing firms will perform all the services on behalf of investors and these include, among others, opening accounts for investors, and performing the necessary due diligence exercise including the Know Your Customer (KYC) requirements.

It also includes day-to-day communication with the client, mailing of customer transaction statements at no cost, and transacting on the stock exchange on behalf of the investor.