Trading on Zimbabwe Bourse Resumes Monday Without Old Mutual
Trading on the Zimbabwe Stock Exchange will resume on Monday, without three companies that have listings on foreign bourses.
Old Mutual Ltd., PPC Ltd. and Seed Co. International said in separate emailed statements that they would comply with an order issued by Finance Minister Mthuli Ncube that they suspend trading “pending finalization 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 resort town of Victoria Falls, planned for opening later this year. 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 South African insurer, is the largest company by market value.
July 29, Old Mutual in Talks With Zimbabwe Bourse Over Listing Exclusion
July 23, Zimbabwe Turmoil Prompts Allan Gray to Cut Stock Valuations 45%
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