Old Mutual Limited has agreed with Zimbabwean regulators to end a six-year
trading suspension on the Zimbabwe Stock Exchange (ZSE), with the financial
group migrating its listing to the US dollar (USD)-based Victoria Falls Stock
Exchange (VFEX).
Old Mutual was suspended from the ZSE in June 2020 facing
accusations that its fungible stock drove currency instability, and among other
issues.
“We are pleased to announce that the long-standing
suspension of Old Mutual trading has now been resolved. OML has announced its
intention to migrate the listing of its securities from the ZSE to the VFEX,”
ZSE Holdings group chief executive Justin Bgoni said.
Old Mutual’s migration to the VFEX, Bgoni said, will provide Old Mutual shareholders
with the opportunity to trade their securities in United States dollars,
offering enhanced liquidity and access to a USD-denominated market.
Following the suspension of Old Mutual Limited on the ZSE,
the bourse and the VFEX teams have been engaging with the financial group to
resolve the outstanding suspension, Bgoni said.
“During the suspension, OML has complied with its continuing obligations as an
Issuer and has also paid dividends to its shareholders,” he said.