File picture: Mike Hutchings/Reuters
JOHANNESBURG - Anglo-South African financial services group Old Mutual said a “material” completion of its planned break-up was scheduled for the end of 2018, as it announced a 22 percent rise in 2017 operating profit on Thursday.

Adjusted operating profit was 2 billion pounds, in line with a company-supplied consensus forecast.

Old Mutual, which is moving into the final stages of breaking itself into four parts, said the listing of its UK asset management business, which is changing its name to Quilter Plc, would likely be accompanied by a secondary offering of up to 9.6 percent of its shares.

The listing of Quilter in London and Johannesburg will be followed by a listing in London and Johannesburg of Old Mutual Limited, a holding company covering the firm’s Africa-focused emerging markets division, its stake in South Africa’s Nedbank and Old Mutual plc, Old Mutual said in a statement.

The firm said it would pay a second interim dividend of 3.57 pence per share and total dividend of 7.1 pence, up 17 percent. 

- REUTERS