Old Mutual Bula Tsela

Old Mutual is proud to have made history through its transformative Broad-Based Black Economic Empowerment (B-BBEE) ownership transaction, Old Mutual Bula Tsela (pave the way in Sesotho), which launched in 2022.

The R2.8 billion B-BBEE Old Mutual Bula Tsela transaction entailed an issue of 205.3 million new Old Mutual Limited shares for the benefit of the community; employees and members of the public. The scheme is made up of three components benefiting Black South African individuals and groups (Retail Scheme) and eligible Black South African community members (Community Trust Scheme) and Old Mutual Employees (Employee Scheme).

This demonstration of our commitment to empowerment has resulted in an estimated 4% increase in the Black shareholding in Old Mutual, bringing the total shareholding to over 30%.  We are also proudly the first financial services provider in South Africa to facilitate an offer of shares directly to the Black South African public, including lower-income earners.

The Bula Tsela 205.3 million new Old Mutual ordinary shares were allocated as follows:

• 78.1m shares to qualifying Old Mutual employees as part of the Old Mutual Bula Tsela Employee Scheme
• 63.6m shares eligible Community members as part of the Old Mutual Bula Tsela Community Scheme
• 63.6m shares qualifying Black South African individuals and groups whose applications pursuant to the Public Offer were successful as part of the Old Mutual Bula Tsela Retail Scheme (Retailco)

The scheme is running for a ten-year period and reflects Old Mutual’s commitment to real and tangible transformation, underpinned by a belief that real transformation is necessary to sustain business growth and serve the best interests of all South Africans. The Old Mutual Group strongly believes that this Bula Tsela scheme has the potential to transform lives and build mutually positive futures for all involved which we are seeing already.