“Old Mutual confirms that the Old Mutual Zimbabwe Limited (OMZL) board has formally approved the final stages of its plan to comply with indigenisation legislation in Zimbabwe, thus effecting the immediate implementation of the agreement with the Government of Zimbabwe”, Luke Ngwerume, Old Mutual Zimbabwe Group CEO said this week.
The agreement, which was concluded in November last year, results in 7% of OMZL shares being awarded to qualifying staff and 3% towards the staff pension fund. Pensioners presently drawing their pensions from Old Mutual will be allocated 8% equity while the company’s retired pensioners will be allocated 1% equity. Old mutual has been running a mass media campaign informing pensioners to complete and submit forms that would make them eligible for the scheme.
The OMZL indigenisation plan also includes allocating shares to strategic partners and the Youth Fund who have been allocated 3,5% and 2,5% shares, respectively.
The group’s indigenisation plan, which is broad-based, makes provision for empowerment and development of staff and management, customers and identified strategic business partners.
“We believe that by empowering our staff, clients and partners in this manner, we are creating sustainable wealth for them and helping improve their livelihood and as such making a tangible contribution to the ongoing growth of the Zimbabwean economy in general,” Ngwerume said.