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Old Mutual in Namibia's largest black economic empowerment deal - sells $42.8m of assets

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5 September 2006

Bank in Namibian empowerment deal

Author: BBC

South African bank Old Mutual is to sell $42.8m (£22.6m) worth of assets to black Namibians in the country's largest economic empowerment deal. The finance firm will transfer shares in insurance and banking operations to employees, business consortia, womens' organisations and church groups. About 250,000 black Namibians are likely to benefit from the move. Empowerment schemes are being pursued in a number of African countries to strengthen black economic power. The policies are designed to remedy historically low levels of asset ownership among black majorities and raise the low economic status of disadvantaged groups.

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5 September 2006

Old Mutual unveils BEE deal in Namibia

Author: Mail & Guardian [So. Africa]

Old Mutual has unveiled its much anticipated black economic empowerment (BEE) transaction in Namibia which will result in a broad range of black stakeholders acquiring direct ownership of N$308-million of the Old Mutual Group's Namibian businesses. The transaction incorporates three separate but interdependent BEE transactions for the group subsidiaries in Namibia, namely Old Mutual Namibia, Nedbank Namibia and Mutual & Federal Namibia..."This is not only the largest BEE deal ever undertaken in Namibia, but also the most broadly-based. The benefits of the transaction will enhance the lives of tens of thousands of Namibians across the country both directly and indirectly," said Johannes !Gawaxab, the managing director of African operations at Old Mutual.

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