Investors can now apply for Old Mutual BEE shares – Apply Now, Old Mutual says qualifying Black South Africans can now apply for their share of the insurance giant’s empowerment transaction, Bula Tsela. These include black Old Mutual employees, other qualifying black South Africans and lower-income earners, who don’t usually have access to these types of share schemes. old mutual bula tsela shares contact details, old mutual bula tsela shares closing date, how to buy old mutual bula tsela shares, bula tsela shares registration, old mutual shares login, old mutual bula tsela login, old mutual shares, old mutual bula tsela share price
The public offer opened on Monday and has around 63.6 million new Old Mutual shares up for grabs to the general black public. The entire scheme, which also includes employee and community schemes, also have 205.3 million shares.
Investors can now apply for Old Mutual BEE shares – Apply Now
The group first announced in April that it was planning a new R2.8 billion empowerment scheme, which would push its black ownership to more than 30%. Its shareholders approved the Bula Tsela (“pave the way” in Sesotho) scheme earlier this month.
How to apply
The general black public can only invest in the retail scheme, where shares cost R10 each. Old Mutual’s share price is currently trading around R11.50. The offer for those shares closes on 24 October 2022. Black investors can apply for a minimum of 200 shares for R2 000. This money must be paid upfront when applying.
Those who cannot afford to pay R2 000 can apply for a fixed number of 100 shares for R1 000. Only R100 must be paid upfront on submitting their application. The remained can be settled over 12 months.
The maximum shareholding that people can get under this scheme is 150 000 shares per individual investor and 750 000 shares for black “groups”.
There will be a lock-in period of 5 years. This means that investors cannot trade or cash out their shares within the first five years of investing.
These shares will be listed on the stock exchange only after five years, and only then will investors be able to sell them to someone else.
Those interested in this scheme can apply through select branches and on several digital channels, including online via www.singularfs.co.za. Alternatively, aspiring investors can email their completed forms found on this website to bulatsela@singular.co.za or phone 087 015 0395
But there is no guarantee that everyone who applies will get the shares. The allocation process will only commence when the offer closes on 24 October.
Applicants who do not receive the shares they applied for will be refunded their money with no interest.
The Bula Tsela empowerment deal follows the more than R7.9 billion of value created when Old Mutual’s 2005 B-BBEE deal matured in 2015.