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. Last Updated: 07/27/2016

Old Mutual to Float

JOHANNESBURG, South Africa -- South African insurance and financial services group Old Mutual PLC said Thursday it planned to list in London and Johannesburg on July 12 with a market value of pounds 4.15 billion ($6.6 billion).

The company plans to issue 2.97 billion free shares to its 3.2 million policyholders worth pounds 3.65 billion and sell a further 297 million shares priced at 112 to 142 pence to raise a further pounds 377 million.

The company said the expected share price range and market capitalization would be updated June 11 and finalized on listing day July 12.