Old Mutual announced its new R2.8 billion broad-based black economic empowerment ownership scheme named Bula Tsela, which means “open or pave the way” in seSotho. The deal will be done by issuing 205.3 million new Old Mutual ordinary shares for cash, which will be held by the employee share ownership trusts. In addition, a special purpose vehicle, RetailCo will be created, where black members of the public can subscribe for ordinary shares. The remaining shares will be held in a community trust, for black community beneficiaries.
