Old Mutual Limited will resume trading in Zimbabwe after announcing the migration of its secondary listing from the Zimbabwe Stock Exchange to the Victoria Falls Stock Exchange, bringing to an end a six-year trading suspension.
The development follows engagements between the ZSE and VFEX to resolve the long-standing suspension that has been in place since 2020.
In a press announcement issued on Thursday, ZSE Holdings said the migration would restore trading access for Zimbabwean shareholders while allowing them to trade in a United States dollar-denominated market.
"We are pleased to announce that the long-standing suspension of OML trading has now been resolved. OML has announced its intention to migrate the listing of its securities from the ZSE to the VFEX. The migration to VFEX will provide OML shareholders with the opportunity to trade their securities in United States Dollars, offering enhanced liquidity and access to a USD-denominated market," the statement reads.
According to ZSE Holdings, shareholders will be able to buy and sell their shares through their preferred licensed stockbroker or via the VFEX Direct online trading platform once the migration is complete.
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"Following the migration, OML shareholders will be able to buy and sell their shares through their preferred licensed stockbroker or via the VFEX Direct online trading platform, providing greater flexibility and convenience in accessing the market."
The exchange said the resolution was made possible through the support of the Government of Zimbabwe, the Ministry of Finance, Economic Development and Investment Promotion, as well as the Old Mutual board and management.
"The resolution for OML to migrate has been made possible through the support of the Government of Zimbabwe, our parent Ministry, Ministry of Finance, Economic Development and Investment Promotion (MoFEDIP), the OML Board of Directors and Management."
ZSE Holdings described the migration as a positive signal for Zimbabwe's capital markets and the Victoria Falls Stock Exchange.
"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."
The exchange added that it would work closely with Old Mutual to ensure a smooth transition and would provide shareholders with detailed guidance on how trading will take place on the VFEX.
"The ZSE Holdings will continue working closely with OML to ensure a smooth migration process and outline a detailed transition process for shareholders on how they will trade their OML securities on VFEX."
ZSE Holdings said further updates would be provided during the migration period as shareholders prepare to resume trading in Old Mutual securities after six years of suspension.
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