LONDON, Oct. 14, 2002 (PRIMEZONE) -- Old Mutual plc (LSE:OML) (Other OTC:ODMTF) notes the speculation regarding the potential sale of its subsidiary, GNI Holdings Limited.
Old Mutual confirms that it is currently in discussions regarding the sale of GNI Holdings Limited.
A further announcement will be made in due course.
Notes to editors:
Old Mutual plc is an international financial services company based in London, with substantial operations in life assurance, asset management, banking and general insurance. Old Mutual is listed on the London Stock Exchange with a market capitalisation of approx. 3,000 million pounds as at October 11, 2002. It is also listed on the Johannesburg, Namibian, Malawi and Zimbabwe stock exchanges. The company operates the largest life assurance business in Southern Africa, through which it provides life, disability and health insurance, retirement savings and investment products to individuals and groups. The company also has worldwide interests in life assurance and asset management. The enlarged group had 133 billion pounds of assets under management as at June 30, 2002. Old Mutual owns 53.2% of Nedcor, South Africa's highest rated bank, and 51% of the South African general insurance company, Mutual & Federal.