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JOHANNESBURG - Old Mutual (LON:OMU) Limited, a leading financial services group, has announced the completion of its share repurchase program, which concluded on Sunday. The program, initiated on November 19, 2024, resulted in the buyback and cancellation of 78,009,025 shares, leaving the company with an issued share capital of 4,712,897,403 as of today.
The buyback was executed within the parameters approved by shareholders during the Annual General Meeting held in May 2024, adhering to both the 5% limit of issued share capital and the R1 billion value cap set forth in the initial announcement. Old Mutual’s shares are listed on multiple exchanges, including the Johannesburg Stock Exchange (JSE) under the ticker OMU.
The repurchase program aligns with the company’s strategy to manage its capital efficiently and is expected to potentially benefit shareholders by increasing the earnings per share. The completion of this program reflects Old Mutual’s commitment to maintaining a balanced approach to capital allocation.
Old Mutual has a significant presence in Africa, with operations in 12 countries and a history that spans over 179 years. The company’s focus on the African market is complemented by a niche business in China.
This announcement, as well as additional information about Old Mutual’s financial solutions and services, is available on the company’s website. The completion of the share repurchase program is based on a press release statement and reflects the latest development in Old Mutual’s financial management activities.
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