Old Mutual gets waiver to convert Sh8.1bn parent loan into shares

Old Mutual

Old Mutual building on Kimathi Street, Nairobi.

Photo credit: File | Nation

Old Mutual Holdings Plc has been granted key exemptions to convert a Sh8.1 billion loan owed to its parent firm into preferential shares, allowing it to save on debt service costs.

The regional underwriter, which is majority owned by Old Mutual East Africa Holdings Group Limited, said that the Treasury has lifted a restriction that would have barred the parent firm from holding more than three-quarters of the company’s share capital.

PAYE Tax Calculator

Note: The results are not exact but very close to the actual.