Business / Companies
Old Mutual reaches an agreement with Zimbabwe Govt
21 Sep 2011 at 15:09hrs | Views
Old Mutual has reached an agreement with Zimbabwe over local ownership of its Zimbabwe unit, the insurer said in a statement on Wednesday.
Under a controversial law, foreign firms operating in Zimbabwe must sell a majority stake to local blacks.
Old Mutual said it had reached an agreement over the "first phase" of its proposal to comply with the law. It was not immediately clear what the agreement entailed.
Under a controversial law, foreign firms operating in Zimbabwe must sell a majority stake to local blacks.
Old Mutual said it had reached an agreement over the "first phase" of its proposal to comply with the law. It was not immediately clear what the agreement entailed.
Source - Fin24
