In a move that reflects Zimbabwe’s shifting market dynamics, Old Mutual Limited will migrate its secondary listing from the Zimbabwe Stock Exchange (ZSE) to the Victoria Falls Stock Exchange (VFEX), pending regulatory approvals. The company says the VFEX’s United States dollar trading, rising turnover and deeper liquidity underpin the decision.
The change matters because pricing and settlement in United States dollars on the VFEX can reduce exchange rate distortions that often affect shares traded in local currency on the ZSE. A VFEX listing may also broaden international participation and improve price discovery if trading volumes continue to build, aligning Old Mutual’s Zimbabwe exposure with a market platform designed to attract foreign capital.
Next, investors should watch for the formal timetable, including the last day to trade on the ZSE, the effective delisting date, and the first day of trade on the VFEX, as well as any instructions on moving share registers and settling trades in United States dollars. The pace of regulatory approvals and clarity on dealing and custodial arrangements will determine how smooth the migration proves in practice.
For more detail, read the full announcement.