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Old Mutual to migrate from ZSE to VFEX after 6-year suspension
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Old Mutual Limited (OML) will migrate its Zimbabwe listing from the Zimbabwe Stock Exchange (ZSE) to the Victoria Falls Stock Exchange (VFEX), bringing an end to a trading suspension that has been in place since 2020.
The announcement was made on Friday by ZSE Holdings, which said the move followed extensive engagements between the ZSE, VFEX and Old Mutual to resolve the long-running suspension.
According to ZSE Holdings, Old Mutual remained compliant with its continuing obligations as a listed issuer throughout the suspension period and continued to pay dividends to shareholders.
"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," ZSE Holdings said.
The migration will allow Old Mutual shareholders to trade their shares in United States dollars on the VFEX, a move expected to improve liquidity and provide access to a US dollar-denominated market.
Following the migration, shareholders will be able to buy and sell their shares through licensed stockbrokers or via the VFEX Direct online trading platform.
ZSE Holdings said the development had been made possible through the support of the Government of Zimbabwe, the Ministry of Finance, Economic Development and Investment Promotion, and the Old Mutual board and management.
"The announcement of the migration by OML shows confidence in our economy, the capital markets, and particularly in VFEX," the exchange said.
"We are grateful to OML for being forward-looking through its decision to migrate to the VFEX."
The exchange added that it would continue working closely with Old Mutual to ensure a smooth transition and would provide shareholders with detailed guidance on how they will trade their securities on the VFEX.
ZSE Holdings also said it would continue updating investors throughout the migration process.
The migration marks a significant milestone for Zimbabwe's capital markets, with one of the country's largest listed companies set to resume trading after a six-year suspension while strengthening the profile of the US dollar-denominated Victoria Falls Stock Exchange.
The announcement was made on Friday by ZSE Holdings, which said the move followed extensive engagements between the ZSE, VFEX and Old Mutual to resolve the long-running suspension.
According to ZSE Holdings, Old Mutual remained compliant with its continuing obligations as a listed issuer throughout the suspension period and continued to pay dividends to shareholders.
"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," ZSE Holdings said.
The migration will allow Old Mutual shareholders to trade their shares in United States dollars on the VFEX, a move expected to improve liquidity and provide access to a US dollar-denominated market.
Following the migration, shareholders will be able to buy and sell their shares through licensed stockbrokers or via the VFEX Direct online trading platform.
"The announcement of the migration by OML shows confidence in our economy, the capital markets, and particularly in VFEX," the exchange said.
"We are grateful to OML for being forward-looking through its decision to migrate to the VFEX."
The exchange added that it would continue working closely with Old Mutual to ensure a smooth transition and would provide shareholders with detailed guidance on how they will trade their securities on the VFEX.
ZSE Holdings also said it would continue updating investors throughout the migration process.
The migration marks a significant milestone for Zimbabwe's capital markets, with one of the country's largest listed companies set to resume trading after a six-year suspension while strengthening the profile of the US dollar-denominated Victoria Falls Stock Exchange.
Source - Byo24News
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