Old Mutual unveils multi-billion share buyback plan

JOHANNESBURG - Old Mutual Ltd has unveiled a $138-million share buyback plan.South Africa’s second-largest insurer also posted a 12% drop in full-year profit on an adjusted basis on Monday.This would bring the balance returned to shareholders to R52-billion following a four-way break up last year.

Chief Executive Peter Moyo says he hopes the distributions will be enough to lift the company share price after missing its own targets.Old Mutual stock has lost roughly a quarter of its value, since its listing on the Johannesburg Stock Exchange in June last year.

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