Business / Companies
$22,8 million worth of ZSE shares unclaimed
28 Apr 2014 at 17:31hrs | Views
The Securities and Exchange Commission (SECZ) says shares valued at $22,8 million on the Zimbabwe Stock Exchange have remained unclaimed as at March 31 2014.
In a statement, SECZ chief executive Tafadzwa Chinamo said all uncollected share certificates that were previously under the custody of stock-broking firms and Barclays Zimbabwe nominees had been transferred to licensed custodians. The two custodians are ZB Custodial and Old Mutual Custodial.
"This followed the directive that was issued by the commission on 29 August 2012 to all securities dealing firms instructing them to register all securities into the names of their respective beneficial owners and subsequently delivering securities to their owners," Chinamo said.
"The securities that remained unclaimed were to be handed over to custodians for safe-keeping, pending collection by the rightful shareholders. The market value of the unclaimed shares being held by the appointed custodians stood as at $22 827 979.88 as at 31 March 2014."
As at the same date, Old Mutual Custodial is holding $11,5 million worth of uncollected shares from Imara Edwards Securities, shares amounting to $799 680 for Interfin Securities Ltd and $138 022 worth of uncollected shares from New Africa Securities. Old Mutual is also holding shares valued at $208 015 from Barclays Zimbabwe Nominees as well as more than $70 103 worth of shares from other stock-broking firms still unclaimed.
ZB Custodial is also holding uncollected shares amounting to $6,5 million from Kingdom Stockbrokers (Pvt) Ltd and $2,2 million from Renaissance Securities (Pvt) Ltd.
Analyst Kelvin Dzeka outlined a couple of the reasons to explain the unclaimed shares: "There could a number of reasons some of which may be, other holders could have passed on and nobody was there to claim. Others might be lowly valued scrip that existing persons actually did not keep track of . All those would add up to that figure," he said.
In a statement, SECZ chief executive Tafadzwa Chinamo said all uncollected share certificates that were previously under the custody of stock-broking firms and Barclays Zimbabwe nominees had been transferred to licensed custodians. The two custodians are ZB Custodial and Old Mutual Custodial.
"This followed the directive that was issued by the commission on 29 August 2012 to all securities dealing firms instructing them to register all securities into the names of their respective beneficial owners and subsequently delivering securities to their owners," Chinamo said.
"The securities that remained unclaimed were to be handed over to custodians for safe-keeping, pending collection by the rightful shareholders. The market value of the unclaimed shares being held by the appointed custodians stood as at $22 827 979.88 as at 31 March 2014."
As at the same date, Old Mutual Custodial is holding $11,5 million worth of uncollected shares from Imara Edwards Securities, shares amounting to $799 680 for Interfin Securities Ltd and $138 022 worth of uncollected shares from New Africa Securities. Old Mutual is also holding shares valued at $208 015 from Barclays Zimbabwe Nominees as well as more than $70 103 worth of shares from other stock-broking firms still unclaimed.
ZB Custodial is also holding uncollected shares amounting to $6,5 million from Kingdom Stockbrokers (Pvt) Ltd and $2,2 million from Renaissance Securities (Pvt) Ltd.
Analyst Kelvin Dzeka outlined a couple of the reasons to explain the unclaimed shares: "There could a number of reasons some of which may be, other holders could have passed on and nobody was there to claim. Others might be lowly valued scrip that existing persons actually did not keep track of . All those would add up to that figure," he said.
Source - BH24
