Zimbabwe stops Old Mutual, PPC and Seed Co from trading shares abroad
The move comes amid concern that the companies have been manipulating the country’s exchange rate on the parallel market
15 March 2020 - 19:28
Harare — Zimbabwe’s finance minister Mthuli Ncube on Sunday issued a decree to stop the fungibility of shares belonging to dual-listed Old Mutual, PPC and Seed Co, which means shares from the three companies can no longer be traded abroad.
Until now investors would buy shares of dual-listed companies and trade them outside the country, but economists say the latest move is likely to result in more investors shunning the southern African country which is battling to attract capital...
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