Vusumuzi DubeJudith Phiri
Business Reporter
THE Zimbabwe Stock Exchange (ZSE) has announced the voluntary termination of the listing of the Old Mutual Top Ten Exchange Traded Fund (ETF) which comes into effect on January 17, 2025.
ETFs are collections of various investments, including stocks, commodities and bonds pooled together into a single entity. These entities subsequently offer shares to investors, which are then traded on major stock exchanges.
Old Mutual was a pioneer in ETF listings in Zimbabwe, having introduced the Old Mutual Zimbabwe Stock Exchange Top Ten Index ETF in January 2021.
In a statement, ZSE Chief Executive Officer (CEO) Mr Justin Bgoni noted that unit holders of the Old Mutual Top Ten ETF convened on December 12, 2024 and collectively decided to voluntarily terminate the ETF’s listing on the ZSE in accordance with Section 11 of the ZSE Listing Requirements.
“The Old Mutual Top Ten Exchange Traded Fund has officially applied for its voluntary delisting under the provisions of Section 11 of the ZSE Listing Requirements. As required by Section 64(1)(a)(i) of the Securities and Exchange Act [Chapter 24:25], we obtained permission from the Securities and Exchange Commission of Zimbabwe to proceed with the delisting,” he stated.
Mr Bgoni further explained that according to Section 15(1) (d) of the ZSE Listing Requirements, holders of units in the Old Mutual Top Ten ETF will no longer be able to trade these units on the ZSE starting January 17, 2025.
He also informed that as detailed in the circular to unit holders, the Old Mutual Top Ten ETF will be dissolved following its delisting from the ZSE, with the assets set to be distributed to unit holders in accordance with the resolutions passed during the fund’s extraordinary general meeting.
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