Online Reporter
Nelson Gahadza
Business Reporter
Old Mutual Limited’s return to trading through the Victoria Falls Stock Exchange is expected to deepen Zimbabwe’s capital markets, improve market liquidity and strengthen the country’s position as a regional investment destination.
The listing makes Old Mutual the 21st counter on the United States dollar-denominated exchange, marking the return of one of Zimbabwe’s most recognised blue-chip companies to the local bourse after years of suspension.
Speaking at the listing ceremony, ZSE Holdings chairperson Caroline Sandura described the development as a landmark moment for Zimbabwe’s capital markets, saying it was the culmination of years of engagement between policymakers, regulators, the exchange and Old Mutual.
“Today’s listing is a product of constructive engagement and reflects the willingness among all stakeholders to pursue solutions that strengthen Zimbabwe’s financial markets while balancing the interests of investors, issuers and the broader economy,” she said.
She said Old Mutual’s return would significantly expand investment opportunities on the exchange and boost trading activity.
“As the 21st listed security, Old Mutual significantly broadens the quality and depth of investment opportunities available to local, regional and international investors on the VFEX. Its inclusion is expected to enhance liquidity, improve market visibility and strengthen the VFEX’s position as Zimbabwe’s international financial market,” she said.
Mrs Sandura noted that investors had long expressed a desire to trade Old Mutual shares, adding that the listing had addressed a major gap in the local investment landscape.
“For many investors, the absence of Old Mutual Limited created a significant gap within the investment community. Today, that aspiration becomes reality,” she said.
Victoria Falls International Financial Centre (VFIFC) Chief Legal Officer Meluleki Sibanda said the listing demonstrated growing confidence in Zimbabwe’s financial markets and reinforced the country’s ambition to become an international financial hub.
“This is not merely a corporate achievement. It is another important vote of confidence in Zimbabwe’s capital markets and in the future that we are building together,” she said.
She added that recent international recognition of the VFEX had further strengthened the investment case for Zimbabwe.
“With Zimbabwe’s VFEX mentioned as Africa’s best-performing market, backed by strong corporate balance sheets in US dollar terms, Old Mutual, this is the right place that you are coming to,” she said.
Ms Sibanda said the listing sent a strong message to global investors about Zimbabwe’s improving investment environment.
“Old Mutual’s decision today demonstrates confidence in Zimbabwe’s financial architecture and sends a powerful signal to regional and international investors that our markets are maturing, our institutions are strengthening and our ambition is matched by action,” she said.
She added that the Victoria Falls International Financial Centre would continue providing an internationally aligned regulatory framework aimed at attracting fresh capital, facilitating cross-border investment and ensuring high standards of governance and investor protection.
Meanwhile, Old Mutual Africa Regions chief executive Mr Clement Chinaka said Zimbabwe’s improving macroeconomic stability and continued development of financial markets would be critical to restoring investor confidence and strengthening the country’s capital markets.
Mr Chinaka spoke at the listing of Old Mutual Limited’s secondary listing on the VFEX, following the migration of its secondary listing from the Zimbabwe Stock Exchange (ZSE). He said the migration reflected the group’s confidence in the growing role of the VFEX as a platform for mobilising investment, supporting capital formation and creating long-term value for investors and the broader economy.
“On behalf of Old Mutual, I would like to express our sincere appreciation to the Government of Zimbabwe for its efforts to bring in the relative macro-stability that we are enjoying at the moment, and for this commitment to financial market development,” he said.
Old Mutual Limited’s shares were suspended from trading on the ZSE in 2020, following regulatory changes that affected the trading of the group’s shares. Since then, the financial services group has engaged the Government and key regulatory and exchange stakeholders while considering various options for resuming trading in its shares.
Mr Chinaka said the company had closely monitored the development of the VFEX before determining that the market had achieved sufficient scale and liquidity to provide a viable alternative trading platform.
“Having now developed sufficient scale and liquidity as a viable alternative trading platform to the Zimbabwe Stock Exchange, the Old Mutual Limited board has approved the migration to the Victoria Falls Exchange,” he said.
The move comes as Zimbabwe seeks to deepen its capital markets and increase the role of domestic exchanges in mobilising long-term capital. The VFEX, established as an offshore financial market under the ZSE, has increasingly positioned itself as a platform for foreign-currency-denominated investments, with the Government seeking to attract offshore capital and provide investors with greater opportunities to participate in Zimbabwean assets.
Mr Chinaka said well-functioning capital markets were fundamental to sustainable economic growth across Africa, because they connect savings with productive investment, support businesses and contribute to job creation.
“As a pan-African financial services group, we have long recognised that well-functioning capital markets are fundamental to sustainable economic growth,” he said.
He said Old Mutual’s return to the market demonstrated its commitment to developing stronger and more connected African capital markets.
“Old Mutual remains committed to playing its part in strengthening Zimbabwe’s capital markets and creating lasting value for generations to come,” Mr Chinaka said.
He added that Zimbabwe remained an important market for the group, with Old Mutual’s history in the country closely linked to its economic development.
“What is good for our communities is good for Old Mutual and, in this case, what is good for Zimbabwe is good for Old Mutual,” he said.
Mr Chinaka said the group was confident in the continued development of Zimbabwe’s capital markets and the potential that could be unlocked through collaboration between the Government, regulators, exchanges and market participants.
The VFEX, launched in 2020 as a subsidiary of the Zimbabwe Stock Exchange, is Zimbabwe’s foreign currency-denominated exchange and forms part of the Victoria Falls International Financial Services Centre, which seeks to position the country as a regional financial hub.
