- Community and Culture
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The Old Mutual Foundations in South Africa, Malawi, Namibia, Zimbabwe and the United Kingdom are to receive a financial boost for community programmes focused on education following the group’s recently declared special dividend and the receipt of proceeds of sale of fractional shares arising from the recent share consolidation of Old Mutual plc’s shares.
A youth unemployment programme, which facilitates skills development and business experience for unemployed graduates, will be the focus in Namibia where the intention is to use the funds to expand the programme.
In South Africa, the Old Mutual Foundation will receive a total of £343 786 (about R4.4m), which will be invested in mathematics, science education and teacher-training.
Dr Clarence Tshitereke, head of the Old Mutual Foundation, says: “This windfall will greatly enhance our efforts to support national education improvement initiatives and social development through our corporate social philanthropy programmes. We’re delighted that the investment improves the prospects of changing the lives of so many in our quest to create economically viable communities across our country.”
The Old Mutual Group will distribute about £1.5 million (R19.7 million) to its various Foundations in southern Africa and the UK. This is made up of approximately £1.27 million from the special dividend and about £200,000 from the proceeds of the fractional shares.
Old Mutual plc recently declared a special dividend to return £1 billion in capital to shareholders following the sale earlier this year of the group’s Nordic business to Skandia Liv.
The various Old Mutual Foundations hold shares in Old Mutual plc which qualified them for the proceeds of the special dividend. It was announced earlier this year that the fractional shares arising from the share consolidation would be aggregated and sold for the benefit of community programmes supported by the Foundations.
The funds will be deployed mainly on financial education, which is a central group-wide theme of Old Mutual’s community investment programmes, which strive to invest in programmes to support social issues that are relevant to the business and local need.
Shelley Morelli, interim head of Responsible Business at Old Mutual plc, said: “Old Mutual is committed to the communities in which we operate. Financial education, enterprise and skills development and investing in core community development are our group-wide themes for our community investment programmes. During 2011, we invested £11.6 million in local communities, which included £2.9 million through the five Old Mutual Foundations.”
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