Exhange control authority grants full fungibility to NMB shares

The Zimbabwean Exchange Control Authority, in terms of Exchange Control Regulations, has granted full fungibility to 40% of the company's issued shares that are held by foreign investors.

The 40 percent limit on amount of shares that can be removed from the Zimbabwe register is simply meant to ensure that the local bank does not run dry of the stock.

Full fungibility means that NMBZ Holdings Limited's shares will trade interchangeably between the Zimbabwe Stock Exchange (ZSE) and the London Stock Exchange (LSE) where the company has a secondary listing, provided the offshore price is higher and there is no buyer on the local market.

In a statement, NMB Company Secretary, V Mutandwa, said "NMBZ Holdings Limited is pleased to announce to its shareholders that the Zimbabwean Exchange Control Authority, in terms of the Exchange Control Regulations, granted full fungibility to 40% of the Company's issued shares that are held by foreign investors."

Counters with full fungibility are Hwange Colliery Company Limited, Cafca, NMB Bank, Meikles Limited and PPC.