Old Mutual agrees on indigenisation

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Insurance giant Old Mutual and government have reached an agreement on the implementation of the indigenisation and empowerment plan.

In a joint statement, Youth Development, Indigenisation and Empowerment minister Saviour Kasukuwere and Old Mutual said: “Old Mutual has reached an agreement with Ministry of Youth Development, Indigenisation and Empowerment towards the implementation and compliance with Indigenisation and Economic Empowerment legislation of Zimbabwe.”

The first phase of implementation and compliance with the law will be 25% indigenisation with the beneficiaries, a grant to pensioners equivalent to 10% of Old Mutual Limited, grant and awards to staff equivalent to 9% as well as allocation to strategic indigenous partners on commercial basis equivalent to 3,5%.

Old Mutual also pledged a grant to Youth Development Fund equivalent to 2,5% and valued at $10 million and an extra $1 million will be made from Old Mutual Fund.