Online Reporter
Business Reporter
Old Mutual Limited has announced it will migrate its secondary listing from the Zimbabwe Stock Exchange to the Victoria Falls Stock Exchange, ending a six-year trading suspension that has locked out Zimbabwean shareholders.
The suspension dates back to June 2020, when the Government halted trading on the ZSE to address market instabilities.
Old Mutual has since engaged with regulators to find a solution and the Board has now resolved to proceed with the migration, subject to regulatory approvals.
“The VFEX has come into its own and developed sufficient scale and liquidity as a viable alternative trading platform,” said Group CEO Jurie Strydom. “We are confident this move is in the best long-term interests of all our stakeholders.”
Old Mutual Zimbabwe CEO Samuel Matsekete added: “This migration demonstrates our commitment to contribute to the strengthening of financial and capital markets in Zimbabwe.”
The move restores trading access for Zimbabwean shareholders on a US dollar-denominated platform and marks a significant milestone for the country’s capital markets reform agenda.
ZSE Holdings Group CEO Justin Bgoni welcomed the development, saying: “The announcement of the migration by OML shows confidence in our economy, the capital markets, and particularly in VFEX. We are grateful to OML for being forward looking through its decision to migrate to the VFEX.”
Mr Bgoni added that the ZSE Holdings will continue working closely with Old Mutual to ensure a smooth migration process and outline a detailed transition process for shareholders on how they will trade their OML securities on VFEX.
