Old Mutual Zimbabwe targets legacy debt clean-up with US$84 million preference share plan

Staff Writer

Harare: Old Mutual Zimbabwe is seeking shareholder approval for a sweeping balance sheet restructuring that would convert US$84,3 mln in long-standing foreign currency obligations into preference shares, as the insurer moves to resolve liabilities tied to Zimbabwe’s blocked funds regime and a decade-old indigenisation transaction.

The proposed transaction, detailed in a circular to

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