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2025 Apprenticeship Training Intake

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Welder

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General Trade Business Development Manager (Harare)

Old Mutual Zimbabwe has launched a US$100 million private equity fund focused on renewable energy investments.
CEO Sam Matsekete announced that the Old Mutual Renewable Energy Fund, supported by UN agencies and the government, aims to address the growing demand for sustainable energy solutions. Said Matsekete (via <a href="https://newzwire.live/old-mutual-launches-new-us100m-fund-to-back-zimbabwe-green-energy-projects/">newZWire</a>):
<blockquote>
Our commitment to investing in renewable energy is evident in our strategic focus on solar and hydro-energy projects.
These ventures align with our mission to promote sustainable development and provide tangible solutions to Zimbabwe’s energy challenges.
By harnessing the sun’s power and our abundant water resources, we are paving the way for a cleaner, more resilient energy future. The Old Mutual Renewable Energy Fund is a testament to this commitment.
The fund brings together partners such as Old Mutual, the Government of Zimbabwe, UN agencies, and private-sector investors.
This fund aims to provide financial returns and social impact, benefiting investors and those involved in renewable energy projects along the value chain.
Our target is $100 million, with $20 million already committed to specific projects.
</blockquote>
In 2023, Old Mutual invested US$26 million in alternative investments, including several solar projects.
These investments include Solgas Energy, which constructed a 5MW solar farm in Dete, the 25MW Centragrid plant in Nyabira, Richaw Solar in Gwanda, Kupinga Hydro in Chipinge, and the 5MW Great Zimbabwe hydro plant.
Old Mutual aims to attract both local and international investors to the fund, which has been officially registered with the Securities and Exchange Commission. Marjorie Mayida, MD of Old Mutual Investment Group, said:
<blockquote>
The Old Mutual Renewable Energy Fund is not only a solid financial opportunity but also a chance to contribute to a sustainable and prosperous Zimbabwe.
By investing in this fund, you align your resources with a vision that prioritises responsible growth and the well-being of our community.
</blockquote>
Zimbabwe’s National Renewable Energy Policy aims to add 2,100MW of renewable energy by 2030, as stated by Energy Permanent Secretary Gloria Magombo.
Despite this ambitious target, the drive for green energy faces challenges due to investor concerns over currency instability and energy tariffs.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Old Mutual Zimbabwe has launched a $100 million fund for renewable energy. The fund focuses on solar and hydro-energy projects to provide clean and sustainable energy solutions in Zimbabwe. The fund is supported by various partners, including the government and UN agencies, and aims to benefit investors while making a positive impact on renewable energy projects. Old Mutual has already invested in solar and hydro projects, and aims to attract more investors to help achieve Zimbabwe's renewable energy goals by 2030. Despite challenges, the fund is seen as a way to contribute to a cleaner and more prosperous Zimbabwe.

Old Mutual Zimbabwe Launches New US$100 Million Renewable Energy Fund

<a href="https://www.pindula.co.zw/Old_Mutual_Zimbabwe">Old Mutual</a> held a financial literacy training in Bulawayo to mark the 11th edition of Global Money Week (GMW).
Global Money Week is an annual global awareness-raising campaign on the importance of ensuring that youths, from an early age, are financially aware and acquiring the knowledge, skills, attitudes and behaviours necessary to make sound financial decisions to achieve economic well-being and financial resilience.
This year’s Global Money Week was celebrated under the theme ‘Plan your money, plant your future’.
Old Mutual said that the theme centred on sustainability and increasing awareness about how individual financial behaviour affects their financial future, and also the environment and society. The diversified financial services group said in a statement:
<blockquote>
This theme prompts young people to be forward-looking and to have a broad view of the environment and society in their financial decisions. Through Old Mutual’s financial education programme – “On The Money” the financial services giant endeavors to educate and equip children and youth with the financial literacy skills to make smart financial decisions.
</blockquote>
Old Mutual also joined hands with the Reserve Bank of Zimbabwe (RBZ), Insurance and Pensions Commission (IPEC), Securities and Exchange Commission of Zimbabwe (SECZIM) and the Ministry of Primary and Secondary Education to engage schools in Matabeleland North and South on money matters.
Old Mutual said recent research by Finscope showed that there are low literacy levels in the Matabeleland North and South and Mashonaland Central Provinces prompting their focus on the stated provinces.
The financial services group also partnered with Girls In STEM Trust to impart financial education to over 500 girls from higher institutions of learning and secondary school in Bulawayo.
Old Mutual held financial literacy training when young people in Zimbabwe face obstacles in accessing financial services like bank accounts and loans, which can make it hard for them to save and build a secure financial future.
The government and financial institutions have implemented programs to address this, but there is still a lot of work to be done to promote financial literacy and increase access to financial services, especially in rural areas.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Global Money Week: Old Mutual Hold Financial Literacy Training In Bulawayo

<a href="https://www.pindula.co.zw/Tendai_Biti">Tendai Biti,</a> a Member of Parliament for Harare East, has condemned the Insurance Bill, saying it does not protect insurers against insurance companies.
Biti said insurers suffered huge losses in 2008 when the Zimbabwe dollar collapsed and in 2019 when their insurance assets were unilaterally converted from the multicurrency regime to the Zimbabwean dollar.  
While speaking in Parliament, Biti condemned the Insurance Bill saying it did not address the losses incurred by insurers. <a href="https://openparly.com/insurance-bill-the-poor-zimbabwean-ndiye-ari-kumorwa-naana-old-mutual-naana-first-mutual-life/">Open Parly</a> cites him as saying:
<blockquote>
I wish that these three Bills, one of them is an Act, the Insurance Bill that we are discussing today, the Pension and Provident Fund now an Act and the IPEC Bill that we just parked in Committee Stage. I wish that we have had an opportunity of synchronised debate by the National Assembly because there is interconnectivity between the three Bills.
We have a crisis of the loss of values. We have the crisis of an insurance industry that is undisciplined that is extractive, that is greedy. We know this as a statement of fact Madam Speaker, because of the findings of the Justice Smith Commission of Inquiry Report that was published in March 2017. That Commission of inquiry report is an indictment against the insurance industry. It accused and found against the insurance industry, particularly two houses, the <a href="https://www.pindula.co.zw/Old_Mutual_Zimbabwe">Old Mutual</a> and the <a href="https://www.pindula.co.zw/First_Mutual_Holdings_Limited">First Mutual</a>, rampant excessive aggrandisement, consumerism and conspicuous consumption. They live in Borrowdale in houses where engineering has said you cannot build a house but they will excavate. They drive Lamborghinis and other fancy cars parked at Sam Levy’s Village at the expense of insured individuals.
Thousands and thousands of insured workers have been pauperised by the insatiable greed of insurance actors in the insurance sector. The question that then arises Madam Speaker, is that, does this Bill that we are considering address and deal with the mischief that is there in Zimbabwe? Does an insured person who lost his value or her value as a result of the shenanigans, the omissions and the commissions of these players have her question answered?
I submit Madam Speaker that her question is not answered. The mischief of the collapse of the insurance industry has not been answered in this particular sector. <a href="https://www.pindula.co.zw/Dexter_Nduna">Hon. Nduna</a> is here. He will tell you that there are over two million vehicles in Zimbabwe and of those, each one of them is obliged by operational flaw to pay compulsory third-party insurance. Millions and millions of dollars of third-party insurance are collected but the economy has nothing to show for it except expensive houses in Borrowdale, in Ward 18, represented by <a href="https://www.pindula.co.zw/Allan_Markham">Hon. Rusty Markham</a>. It is not good enough. So we need radical comprehensive transformative reform of our insurance sector. 
</blockquote>
<h2>He proposed the following: </h2>
<blockquote>
i). The creation of structures of good governance inside the insurance sector. It should not be easy to own an insurance house.
ii). The strong role of the regulator considering that the Justice Smith Commission of Enquiry Report found that 19% of the loss was due to a weak regulatory framework. He said the insurance sector must give regular reports to the regulator. 
iii). The conduct of insurance. Insurance companies have been allowed to create wealth which should not have passed to the owners of policies. They have been allowed to form and hedge against inflation through the formation of property companies. He said all assets made and created by pension insurance contributions must fall into the pot and the insured person must benefit. This must have a retrospective application. 
iv). Insurance companies’ expenses must meet a certain minimum threshold, say not more than 3% to avoid a situation where they use the money for personal enrichment. 
v). Biti also said the Act gives too much excessive power to the Minister instead of giving it to the regulator, IPEC. 
vi). He also said the Act in Sections 80, 81 and 82, speaks about married persons but the Act does not define what a marriage is. He said the silence creates a problem for wives/women or partners in unregistered customary law unions since the normal definition of a marriage is a general law marriage which is now section 5.1 of the Marriages Act.
vii). He also said the insurance policy must be honoured in the currency that it was being paid considering that Zimbabwe has a currency that is very volatile. 
viii). He proposed that there should be a personal liability on bankers because they are handling millions of people’s money.  
ix). <a href="https://www.pindula.co.zw/Insurance_and_Pensions_Commission">Insurance Pensions Commission (IPEC)</a> must be empowered to make Insurance Companies disclose investments that they have made to avoid a situation where they invest in risky businesses. 
</blockquote>
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Tendai Biti Has Condemned The Insurance Bill

Fadzayi Mahere, a former Law lecturer at the University of Zimbabwe (UZ) has said schools’ curricula must include insurance courses saying lessons on the anatomy of locusts are not helpful to most learners.
In a Twitter post seen by Pindula News, Mahere said insurance issues affect everyone, unlike locusts issues. She said:
<blockquote>
When I say the duties of the insurer &amp; the insured should be taught in school, monditi (you say) no, focus on the anatomy of the locust. We don’t all apply “head-thorax-abdomen” to real life but we all encounter insurance. Teach it. It’s not hard. Hatisikurwa (we’re not fighting).
</blockquote>
Her remarks come as some Nyaradzo Group Insurance subscribers <a href="https://zero.pindula.co.zw/more-nyaradzo-clients-complain-over-fraud/">are expressing anger over the service provider’s policy</a> saying it was robbing members of the public.
Meanwhile, the<a href="https://zero.pindula.co.zw/govt-reviews-new-schools-curriculum/"> government is reviewing the current curriculum</a> to find out the areas that need improvement starting in 2023.
The Ministry of Primary and Secondary Education adopted the skills-based education curriculum in 2017 in order to produce learners with skills to solve problems rather than theorise issues.
But since the adoption of that curriculum, parents and guardians have complained about the implementation of continuous activity learning assessment (CALA).
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

Mahere Says Schools Must Teach About Insurance, Not Locusts

The Johannesburg High Court on Monday dismissed Peter Moyo’s case against Old Mutual, which may be a final blow to the former CEO’s hope of getting R250 million from the insurer.
Moyo sued the insurer for contractual damages amounting to the total he would have earned for the remainder of his contract, had Old Mutual not fired him in June 2019.
The company said he wanted R230 million for contractual damages and another R20 million for the “insults” and impairment of his dignity caused by the statements that the company and its directors made in the media.
Old Mutual filed a court application last week to have Moyo’s case thrown out, with the company contending that there was nothing new in his argument.
Old Mutual said its former CEO was repeating arguments that had already been rejected by the courts before.
Judge Gregory Charles Wright seemingly agreed with the insurer. He found that Moyo failed to produce any evidence to show that Old Mutual wrongfully terminated his contract.
Moyo had brought the damages claim to court because he maintained that Old Mutual fired him unlawfully, even though a full-court ruled otherwise in 2020. 
While he won a few rounds against the insurer at the beginning of their public legal battle in 2019, higher courts have rejected Moyo’s arguments.
Moyo even took his fight to Bloemfontein after the full bench judgment in 2020. But the Supreme Court of Appeal turned him down too.
Old Mutual wrote after the judgment:
<blockquote>
The Court said it agreed with and was bound by similar findings made by a full bench of the High Court in January 2020, which also found Old Mutual had acted lawfully in terminating Mr Moyo’s contract.
</blockquote>
On his claim for loss of dignity caused by the insulting remarks made when he was fired, the court also found no evidence to support this.
With this case thrown out, Moyo is now waiting to hear if he won or lost his application to have Old Mutual directors declared lawbreakers for blocking his temporary reinstatement when the Johannesburg High Court ordered it to do so in July 2019.
More: Fin24

Peter Moyo Has Lost R250M Old Mutual Court Challenge

The Chief Executive Officer (CEO) of the Zimbabwe Stock Exchange (ZSE), Justin Bgoni has said the re-listing of Old Mutual and PPC on the ZSE is expected soon.
He made the remarks while addressing participants at the 2021 edition of the Zimbabwe Financial Markets Indaba.
The government <a href="https://zero.pindula.co.zw/fungible-securities-old-mutual-ppc-seed-co-international-will-not-be-allowed-to-trade-on-the-zse-when-trading-resumes-next-week-report/">last year banned the movement of PPC and Old Mutual shares</a> across borders claiming that this fueled currency speculation.
Financial services giant, Old Mutual and cement producer PPC which were trading in Zimbabwe and South Africa were suspended alongside agro-technology concern SeedCo, which was trading its stock on the Botswana Stock Exchange and given the option to list on Victoria Falls Stock Exchange, which began trading in October.
ZSE speaks barely two months after Finance and Economic Development Minister Mthuli Ncube extended the suspension of the fungibility of Old Mutual and PPC Limited stock by an additional 12 months.
Pressure on finalisation of the matter continues to mount on the government as several fund managers bemoan over seven months since the shares have been suspended without any tangible steps to make the shares liquid.
The Insurance and Pensions Commission recently added its voice on the matter saying the suspension of Old Mutual and PPC shares affected asset value.
Investopedia describes Fungibility as the ability of a good or asset to be interchanged with other individual goods or assets of the same type. Fungible assets simplify the exchange and trade processes, as fungibility implies equal value between the assets. For instance, specific grades of commodities, such as No. 2 yellow corn, are fungible because no matter where the corn was grown, all corn designated as No. 2 yellow corn is worth the same amount.
<ol>
<li><a href="https://zero.pindula.co.zw/mthuli-extends-suspension-of-old-mutual-ppc-stock-fungibility-by-12-months/">Mthuli Extends Suspension Of Old Mutual, PPC Stock Fungibility By 12 Months</a></li>
<li><a href="https://zero.pindula.co.zw/fungible-securities-old-mutual-ppc-seed-co-international-will-not-be-allowed-to-trade-on-the-zse-when-trading-resumes-next-week-report/">Fungible Securities Old Mutual, PPC &amp; Seed Co International Will Not Be Allowed To Trade On The ZSE When Trading Resumes Next Week – Report</a></li>
<li><a href="https://zero.pindula.co.zw/rbz-must-now-deal-with-old-mutual-implied-rate-opinion/">“RBZ Must Now Deal With Old Mutual Implied Rate?” – OPINION</a></li>
<li><a href="https://zero.pindula.co.zw/frequently-asked-questions-old-mutual-implied-rate-omir/">Frequently Asked Questions: Old Mutual Implied Rate (OMIR)</a></li>
<li><a href="https://zero.pindula.co.zw/dont-accuse-young-men-on-4th-st-old-mutual-the-culprit-of-exchange-rate-mutsvangwa/">“Don’t Accuse Young Men On 4th ST, Old Mutual The Culprit Of Exchange Rate” – Mutsvangwa</a></li>
<li><a href="https://zero.pindula.co.zw/suspension-of-seedco-international-from-zse-lifted/">Suspension Of SeedCo International From ZSE Lifted</a></li>
</ol>
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>; <a href="https://www.newzimbabwe.com/zse-optimistic-on-urgent-old-mutual-ppc-listing-resolution/">NewZimbabwe</a>

Re-listing Of Old Mutual, PPC On ZSE Expected Soon

The ZSE will resume trading today following a month-long shutdown that was initiated by the government as it reportedly wanted to investigate illegal foreign currency dealings that were fueling the runaway rate, The Herald reports.
<a href="https://news.pindula.co.zw/2020/07/16/fungible-securities-old-mutual-ppc-seed-co-international-will-not-be-allowed-to-trade-on-the-zse-when-trading-resumes-next-week-report/">3 fungible counters namely PPC, Seedco International and Old Mutual</a> will remain suspended till the government comes up with a plan to ensure the securities resume trading.
A joint statement issued by some of the securities suspended and ZSE reads in part:
<blockquote>Further to the announcement by the Minister of Finance and Economic Development on July 28, 2020 that investigations into the dealings on the Zimbabwe Stock Exchange Limited (“ZSE”) had been completed and that as a condition for the resumption of trading on the ZSE from August 3 2020, trading in, inter alia, the shares of Seed Co International Limited (“Seed Co International”) is to remain suspended, the ZSE and Seed Co International wish to notify the market as follows;“The press statement issued by the Minister of Finance and Economic Development noted that Seed Co International was not involved in any malpractice linked to the parallel foreign currency market.</blockquote>
Zanu PF through its spokesperson Patrick Chinamasa is lobbying that Old Mutual be delisted from ZSE because of its fungibility.
More: <a href="https://www.herald.co.zw/zse-resumes-trading/">The Herald</a>

ZSE To Resume Trading Today

Old Mutual was named “Top Empowered Business of the Year” at the 2020 #TopEmpowerment Virtual Awards last night.  
The award, presented by TOPCO Media, celebrates leadership and significant progress made by South African companies in driving transformation and empowerment through their business operations. Old Mutual CEO, Iain Williamson said:
<blockquote>We are exceptionally proud of this achievement, which has come both in the midst of perhaps the most challenging period for Old Mutual and as the Group marks its 175th anniversary.
As a responsible business, we are more energised and committed than ever to continue making a positive impact on transformation and empowerment in South Africa and the continent.
We acknowledge that while much progress has been made, we remain committed to doing, even more, to consolidate these gains and move the transformation agenda even further forward.</blockquote>
Transformation and Empowerment are priority focus areas of the Group’s Responsible Business philosophy, and it has worked hard over the last decade to deliver on the stretch targets that have led to this milestone achievement. Contributing factors include:  
<ul>
<li>The achievement of Level 1 B-BBEE status in March this year, improving on all elements of the BEE  scorecard in the process</li>
<li>Transforming and diversifying its leadership team, making it one of the most transformed in the financial services sector (more than 50% black and 43% female)</li>
<li>Working with partners across sectors to transform the economy through entrepreneurial activity and skills development that creates sustainable jobs</li>
<li>Supporting transformation in the education sector through focussed programmes across the value chain as well as launching an ambitious new project, “Africa’s Biggest Digital Classroom”, which will leverage digital technology to revolutionise and transform how learning is deliver learning across the continent.</li>
</ul>

Old Mutual Named “Top Empowered Business Of The Year”

<blockquote>ZANU PF STATEMENT CLARIFYING ITS POSITION ON THE TRADING OF OLD MUTUAL SHARES ON THE ZIMBABWE’S STOCK EXCHANGE
For a better appreciation and understanding of the position taken by ZANU PF at its 341st session of the Politburo on Friday the 9th of July 2020, we give below the prevailing situation, the concerns of ZANU PF as well as the decision that ZANU PF is directing government to implement.
PREVAILING SITUATION
<ul>
<li>Old Mutual Limited is a global conglomerate operating in 14 countries Zimbabwe included and is the conglomerate listed on the Zimbabwe Stock Exchange (ZSE).</li>
<li>Old Mutual Limited is listed on the Johannesburg stock exchange (SA) Africa, London Stock Exchange, Zimbabwe Stock Exchange, Stock Exchange of Namibia and on the Malawi Stock Exchange</li>
<li>Old Mutual limited shares which are listed in all these countries are the same and can be transferred across the various exchanges i.e they are fungible. Fungibility of the Zimbabwean shares was suspended for 12 months in February 2020</li>
<li>Old Mutual dividends are paid in SA Rands which therefore represents foreign earnings for the country in respect of the shares on the Zimbabwean register</li>
<li>Old Mutual has 65 718 552 shares listed on the ZSE with a market value estimated at SAR849million</li>
<li>In Zimbabwe, Old Mutual Limited has 30 168 shareholders made up of pension funds, local institutions and individuals</li>
<li>The shares listed on ZSE trade in local currency i.e Zimbabwean dollars</li>
<li>Other fungible shares on the ZSE include PPC listed on JSE and Seedco International which is listed on the Botswana Stock exchange</li>
<li>Old Mutual Zimbabwe Limited is a subsidiary of the Old Mutual Limited and is not the one directly listed on the ZSE</li>
</ul>
CONCERNS OF ZANU PF REPRESENTING THE PEOPLE OF ZIMBABWE 
Stock Exchanges primary function is to raise capital in the productive sector and continuing opportunities to build wealth in the secondary market.
ZSE has not had any new listings and this is of grave concern to the Party. As a result, the ZSE is now being used for speculative purposes which is harmful to the economy.
Distortions have risen emanating from the Old Mutual share being traded on multiple stock exchange counters. The distortions emanate fundamentally from differences from the relative strengths of the underlying economies in which the Old Mutual shares are listed.
This fact alone has created an opportunity for fungibility to generate arbitrage gains. Fungibility creates an opportunity for speculation as there are arbitrage opportunities to trade the share between Zimbabwe and other stock exchanges. This speculation may distort the foreign currency market.
Fungibility is open to the risk of being abused as has been the case in Zimbabwe and has become a vehicle to externalise capital out of Zimbabwe.
Allowing the Old Mutual share to be traded on multiple stock exchanges has given rise to the Old Mutual Implied Rate (OMIR).
Fungibility has created an opportunity for the determination of the foreign exchange rate in Zimbabwe to be determined from activities emanating from actions of speculators operating on the stock exchange.
Share prices react to investor sentiment and exchange rates react to demand and supply of foreign currency by importers and exporters.
A share price can therefore not be substituted as a reference indicator for exchange rates because it is not driven by similar fundamentals, i.e speculators versus importers and exporters are dissimilar.
ZANU-PF is surprised that the fungibility of the shares of one organisation is used as a benchmark for the exchange rate.
This makes this counterpart of the drivers of the mirage of economic problems centred on our parallel market.
This clandestine trade in the dollar has forced the Black Market Rate to keep pace with the OMIR condemning our people to destitution as their wages and salaries are eroded every day.
There is no employment creation, no products on our shelves neither do we see a rise in the standard of living of our people from speculative wealth creation by a few.
ZANU PF is at a loss to understand how the government of the day can run an economy where the fungibility of the shares of one company create money, externalise funds and determine the rate of exchange.
ZANU PF CLARIFIES AND REAFFIRMS ITS POLICY POSITION 
ZANU PF is totally opposed to the fungibility of the Old Mutual Shares and to this end it reaffirms its policy position that the ZSE should compulsorily de-list the Old Mutual Limited shares from trading on the ZSE.
To protect the interests of the 30168 shareholders of Old Mutual Limited, ZANU PF is recommending to its government that it sets up a stock exchange which will trade only in US$.
Old Mutual Limited can then be allowed to migrate, find home and trade on such a foreign currency-denominated counter in Zimbabwe. Trading on other counters has been normal and the Party is recommending that trading be resumed.
Setting up a foreign exchange denominated stock exchange is an appropriate institution for raising and attracting foreign direct investment into Zimbabwe.
Companies that want to invest in Zimbabwe and requiring foreign currency would then list on such a stock exchange to attract foreign direct investment in foreign currency for investment.
The details of implementing this recommendation are left to government including the timeframe within which this recommendation can be implemented.
It is the desire of ZANU PF that implementation is in the shortest possible time to avoid undue disruption to inflows of investment capital.
ZANU PF says an emphatic NO, to self-enrichment through speculative trading and externalisation.
ZANU PF also wishes to commend government for the decision that it has taken to allow mobile money operators to be overseen by the Reserve Bank of Zimbabwe through the Zim-Switch platform.
As a matter of fact, ZANU PF considers this decision to be a masterstroke which will give an invisible hand to the government to manage and direct the country towards a common good.
The channelling of all mobile money transactions through this platform is the right thing to do and will, in the end, restore stability and sanity to the banking sector.
Mobile money transaction platforms had become a law unto themselves making rules for banks and others to comply with.
ZANU PF thus supports the measures that the government has taken in this regard as it considers them necessary medicine to cure our economy which is under siege.
The measures will no doubt in due course become a sound basis for strategic sustainable nation-building, a platform for robust employment creation for our people, stabilisation of the exchange rate and resuscitation of our key productive sectors.
It is high time that Zimbabwe corporates and foreign corporates working in Zimbabwe put Zimbabwean Interests First and deploy their resources to the productive sectors that generate employment, goods and services.
Cde P.A Chinamasa 
Acting Secretary for Information and Publicity &amp; Party Spokesperson</blockquote>

ZANU PF Clarifies And Reaffirms Position On Old Mutual Shares {Full Statement}

Old Mutual Zimbabwe said on Monday it was seeking “clarity” on its future after claims by a senior ZANU PF official that there had been a decision to “eject” the company out of Zimbabwe’s financial system.
Speaking after a politburo meeting on Friday, ZANU PF acting spokesperson Patrick Chinamasa announced that the party welcomed the decision to eject Old Mutual from the financial system of Zimbabwe.
Chinamasa also said a decision had been made to close Ecocash agents, saying Old Mutual and the mobile money agents had caused runaway inflation through illegal parallel exchange market rates.
Chinamasa, however, did not disclose what decision regarding the company was made, and by who.
Reacting to media reports following Chinamasa’s pronouncements, Old Mutual said:
<blockquote>We are working with all relevant stakeholders to seek clarity on the matter.
We advise you that all our services and operations are continuing as normal.
Old Mutual Zimbabwe Limited and its business unit including CABS, continue to be financially stable and sound.
… As part of the community, Old Mutual remains committed to serving its customers and to contribute to the development and growth of the economy.</blockquote>
Zimbabwean authorities have lately been alleging that the Old Mutual Implied Exchange Rate (OMIR) was one of the instruments driving the devaluation of the local currency.
OMIR is a gauge of the value of the Zimbabwe dollar which is based on the difference in the value of the firm’s shares in London and Harare.
Some players in the market use the OMIR to price their goods and services as a true reflection of the value of the local currency.
Currently, the OMIR stands at ZW$122.22 to the United States dollar, nearly double the official Zimbabwean exchange rate of ZWL$65.87.
<h4>More: <a href="http://newziana.co.zw/2020/07/13/old-mutual-seeks-clarity-on-claimed-ejection-from-zim/" rel="noopener noreferrer" target="_blank">New Ziana</a></h4>

Old Mutual Seeks Clarity On ZANU PF Official's 'Ejection' From Zim Remarks

ZSE listed Old Mutual will by August have installed a 650KW plant at its headquarters in Emerald Hills, The Herald reports.
<a href="https://www.pindula.co.zw/Old_Mutual_Zimbabwe">Old Mutual</a> has partnered with Easy Power Limited on the project and according to the Group CEO Samuel Matsekete:
<blockquote>The Mutual Gardens solar project comes at the most appropriate and opportune time to shed off huge costs associated with diesel-powered generators and also push the green economy agenda which should be a stepping stone to sustaining future generations</blockquote>
Old Mutual will roll out the project to some of their buildings after they complete the first project.
More: <a href="https://www.herald.co.zw/old-mutual-to-install-650kw-plant/">The Herald </a>

Old Mutual To Install A 650KW Plant At Old Mutual Gardens

Former Old Mutual Building which is <a href="https://zero.pindula.co.zw/pictures-harare-building-destroyed-by-fire/">now used as a flee market at the intersection of Robert Mugabe St and Chinhoyi St caught fire at 1230am on Thursday.</a>
The fire reportedly destroyed all goods inside which were worth millions of dollars. TechMagTv reports that fire fighters had a torrid time containing the fire. Watch the video below for more.
<div>
<video controls="controls" height="360" preload="metadata" width="640"><a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/01/FORMER-OLD-MUTUAL-BUILDING-BURNS-IN-HARARE.mp4">https://t792ae.c2.acecdn.net/wp-content/uploads/2020/01/FORMER-OLD-MUTUAL-BUILDING-BURNS-IN-HARARE.mp4</a></video></div>
More: <a href="https://twitter.com/TechMagTV/status/1212785725516713984">TechMag.TV</a>

Former Old Mutual Building Burnt In Harare (VIDEO)

The Old Mutual Westgate half marathon is set to take place on Sunday and registration will be closing tomorrow (Saturday). Winners in the main race, the 21km race for both men and women will pocket $3 000 each while winners in other categories will share a prize of $25 770. The event is organised by the Harare Athletic Board (HAB). Acting secretary-general for the HAB, Sledge Chinyoka said:
<blockquote>We have put in place all logistics and we are expecting athletes to come in their numbers. There are indications that we might get athletes from Kenya who will participate in the race.</blockquote>
More:<a href="https://www.newsday.co.zw/2018/08/all-set-for-old-mutual-westgate-marathon/" rel="noopener" target="_blank"> NewsDay</a>

Old Mutual Westgate Half Marathon Set For Sunday

Minister of Finance, Patrick Chinamasa, rings the bell to signal the re-listing of Old Mutual on ZSE. Old Mutual Group CEO, Mr. Jonas Mushosho (left), and ZSE Deputy Chairperson, Bart Mswaka (right), applauding.
 
Old Mutual has relisted on the Zimbabwe Stock Exchange (ZSE) after the company’s shares were briefly suspended from trading as it moved its primary listing from London to Johannesburg. In a statement Old Mutual Zimbabwe said,
<blockquote>The key difference between our previous listing as Old Mutual Plc in London and our primary listing as Old Mutual Ltd in Africa is that capital from our shareholders will be focused on African businesses and invested in growth opportunities present in African markets we operate in.</blockquote>
The primary listing is now on the Johannesburg Stock Exchange with secondary listings on the London, Malawi, Namibia and Zimbabwe stock exchanges.
Finance and Economic Planning Minister Patrick Chinamasa said,
<blockquote>The country’s development will be underpinned by both foreign and domestic investment in various economic sectors. We are glad Old Mutual is tangibly leading the way and showing that Zimbabwe is Open for business.</blockquote>
More: <a href="http://www.chronicle.co.zw/breaking-old-mutual-zim-relists-on-zse/" rel="noopener" target="_blank">Chronicle</a>

Old Mutual Relists On ZSE After Moving Primary Listing To Johannesburg

Old Mutual Zimbabwe has recorded a 614 percent increase in profit after tax for the half year ending June 30, 2017. The company posted a profit after tax of $89.4 after good investments in equities. In the corresponding period last year, Old Mutual posted a profit after tax of $12,5 million. Board Chairperson Johannes Gawaxab said:
<blockquote>This was driven by a good operating performance, as already reported, as well as the strong performance of the stock market currently being experienced in 2017, which has led to a significant increase in unrealised investment gains compared to the same period in 2016.
Adjusted operating profit, which highlights the performance of the core business operations, was $36,8 million, which is a growth of 11% on 2016, buoyed by life assurance and asset management profits. Life profits were driven significantly by improved risk profits as a result of an improved claims ratio.</blockquote>
More: <a href="https://www.newsday.co.zw/2017/08/11/equity-investments-gains-drive-old-mutual-net-earnings/">NewsDay</a>

Old Mutual posts 614% increase in profit after tax for half year

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