Online Reporter
Nelson Gahadza
Senior Business Reporter
The Government has said the self-listing of the Zimbabwe Stock Exchange Holdings (ZSEH) opens up new opportunities for growth and investment and that it will continue to promote an enabling environment for capital markets to thrive.
The ZSE Holdings officially listed on the Zimbabwe Stock Exchange (ZSE) Main Board by way of introduction yesterday, and trading of its securities will commence trading on July 11, 2025.
Minister of Finance and Economic Development, Professor Mthuli Ncube, represented by the director of financial sector policy, Mrs Judith Rusike at the listing ceremony, said the ZSE self-listing was a bold and commendable step that demonstrates transparency, sound governance and competence in the capital market.
“The self-listing is a powerful demonstration of how companies and even the exchange itself, can mobilise domestic savings to support long-term, productive investment. This is precisely the kind of transformation required to deepen the capital markets and achieve broader economic goals,” he said.
Minister Ncube said the ZSE became one of the few exchanges that had successfully self-listed, in what is a decisive vote of confidence in the country’s capital markets and a testimony to investors, both local and international, that Zimbabwe was indeed open for business and truly committed to implementing reform.
“The self-listing was made possible through the scheme of reconstruction as well as by the changes of the holding company, wherein existing companies already controlled by ZSE Limited were cut up and reorganised through an exchange of shares by way of restructuring,” he said.
The minister also highlighted that capital markets are the lifeblood of any economy; hence, the self-listing of ZSE holdings opens up new opportunities for broader investment in the market.
“It also unlocks shareholder value and enables businesses to raise capital for investing in new technologies and regional expansion,” he said.
He added that these developments will ultimately benefit all market participants and support economic diversification and, most importantly, provide ordinary citizens with an opportunity to participate in wealth creation and national development.
Minister Ncube indicated that the Government remains committed to creating an enabling environment where business can thrive, capital can be mobilised efficiently, and investor confidence is protected.
“Government will thus continue to play a crucial role in promoting an enabling environment in the sector, including maintaining macroeconomic stability, upholding the rule of law, enforcing sound regulatory frameworks and ensuring that policies remain predictable, consistent and conducive to the growth of the capital market,” he said.
He also said the Government stood ready to support continuous innovation and reform in the capital market space.
Capital markets regulator, the Securities and Exchange Commission of Zimbabwe (SecZim), said the ZSE self-listing reflects confidence in the strength, resilience and future of Zimbabwe’s financial markets.
SecZim chief executive Mr Anymore Taruvinga said it also expands the investment universe available to the public and reaffirms the ZSE’s role as a dynamic, evolving institution that continues to shape the future of capital formation in the country.
“As the regulator of Zimbabwe’s securities markets, SecZim is proud to witness and support this listing, which enhances market confidence and contributes towards long-term economic development.
“This is a vote of confidence in our own market infrastructure, and we are confident it will inspire other institutions and corporates to consider the capital markets as a viable platform for growth,” he said.
Mr Taruvinga said the capital market has gone through a tough phase over the past 3–4 years, marked by declining liquidity, loss of listings and increasing exclusion.
However, he said the operating environment had improved since the launch of ZIG in April 2024, which had created a more stable exchange rate and inflation environment that was essential for investor confidence; hence, we should all rally to ensure that the current stability continues.
“We also appreciate the interventions, in 2024, by the Ministry of Finance, Economic Development and Investment Promotion in lowering capital gains withholding tax and scrapping the vesting period and capital gains tax on marketable securities.
“Our challenge now is to improve liquidity on the main exchange, the ZSE, and for this we need to re-engage both domestic and foreign investors, and we also need to demonstrate that we have a good investment product,” he said.
Mr Taruvinga added that the re-engagement is necessary because there is stiff competition for the limited liquidity at both global and domestic fronts.
“Figures from our Q1 2025 market assessment indicated that our own asset managers’ exposure to listed equities decreased to 29 percent from slightly above 61 percent in 2020.”
Exposure to property has, however, grown from 32 percent to 48 percent over the same period, and the participation of retail investors has also gone down to currently about 1 per percent from a rough estimate of between 2 and 3 percent pre-dollarisation.
“Perceptions, transaction costs and limited awareness are some of the impediments that we need to deal with,” he said.
He noted that the commission continues to support the development of new securitised products in the form of Exchange Traded Funds (ETFs), Real Estate Investment Trusts (REITs) and Depositary Receipts.
“We also need to attract cross border listings and the VFEX platform is specifically meant for that. To our Government, we believe support through listing of Government Debt instruments and commercial oriented SOEs will also help deepen the market,” said Mr Taruvinga.
ZSE Holdings chairperson Mrs Caroline Sandura the ZSE self-listing would unlock access to capital, enabling the company to grow, develop new products, and pursue new opportunities.
“Most importantly, this will also bring liquidity to our shareholders and also enhances our visibility, leading to new business opportunities,” she said.
ZSE chief executive Mr Justin Bgoni said the self-listing enables the exchange to remain competitive in the region.
He noted that the process of self-listing is not a new phenomenon and there are peers who have also undergone self-listing in the region, which include the Johannesburg Stock Exchange (JSE), which self-listed in 2006, the Nairobi Securities Exchange (NSE) in 2014, the Dar es Salaam Stock Exchange (DSE) in 2017, and the Nigerian Stock Exchange (NGX) since 2021.
“We have been working tirelessly to grow our capital markets through diversification of new products. This process has enabled us to evolve, and as we look back, we have managed to enhance our service offering,” he said.
Mr Bgoni noted that the achievement is part of the ZSE’s transformational journey, which began in 2020 and is now coming to a close with the accomplishment of ZSE Holdings’ self-listing on the ZSE.
He said during the transformational journey, the ZSE builds brands that include ZSE and VFEX Markets, ZSE and VFEX Depositories, ZSE and VFEX Direct and the ZSE Training Institute.
“We are excited about the new opportunities that lie ahead as a listed entity. As we look forward to the next chapter, we are excited about the prospects that we are exploring with our exchanges, which include the inclusion of small to medium enterprises (SMEs) to access finance through our platforms.
“We will ensure that we create a business-friendly environment that accommodates this crucial sector, allowing them to tap into and raise capital on our platforms,” he said.
Secretary General of the Stockbrokers Association of Zimbabwe, Mr Arnold Chibvongodze, emphasised “the importance of self-listing, as it promotes visibility of our exchange and puts Zimbabwe on the map to attract foreign investors and boost investor confidence.”
