Dec 14 Financial services group Old Mutual Plc
said its asset management unit OM Asset Management Plc's
(OMAM) public offering of 13 million shares was priced
at $14.25 per share.
Old Mutual said on Tuesday it would sell shares in OMAM
through a public offering, as the group prepares to split into
its four main businesses.
The public offering is expected to close on Dec. 19, said
Old Mutual, which plans to continue to cut its stake in OMAM.
The proposed split was disclosed in March as regulatory
changes in Europe and South Africa have made Old Mutual, which
started out in 1845 as a life insurance firm in Cape Town, more
complex to run in its current form.
OMAM, which said it would repurchase 6 million ordinary
shares from OM Group (UK) Ltd, a unit of Old Mutual, also priced
the repurchase at $14.25 per share.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by