Trade on Zimbabwe’s stock exchange to start on Monday, but with conditions
Old Mutual, the largest company by market value and two others who are listed on foreign bourses, will not be part of the resumption
Trading on the Zimbabwe Stock Exchange will resume on Monday, without three companies that have listings on foreign bourses.
Old Mutual and Seed International said in separate e-mailed statements that they would comply with an order issued by finance minister Mthuli Ncube that they suspend trading “pending finalisation of the modalities for their resumption to trade.”
The government wants to transfer the three companies’ listings onto a foreign-currency denominated exchange in the town of Victoria Falls, planned for opening later in 2020.
The three stocks account for a combined 4.9% member weighting in Harare’s main industrial index in Harare.
Old Mutual, the 175-year-old SA insurer, is the largest company by market value.
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