<\/p>\n
Shares in Old Mutual began trading on Zimbabwe\u2019s dollar-denominated stock exchange, six years after they were suspended on the country\u2019s main bourse to curb a currency rout.<\/p>\n
The shares debuted at 76 US cents apiece on the Victoria Falls Stock Exchange on Wednesday and advanced 2.9% to 78.17 cents by the close, valuing Africa\u2019s largest insurer by assets at $51 million. In neighbouring South Africa, where the company is based, the stock closed at R12.56.<\/p>\n
Old Mutual migrated its listing from the Zimbabwe Stock Exchange. In 2020, the Zimbabwean authorities suspended trading in its stock, along with other cross-border companies, including South Africa\u2019s PPC and Seed, because their dual listings enabled investors to exploit differences between the two nations\u2019 exchange rates as the Zimbabwean dollar collapsed.<\/p>\n
Read:
OM Bank bets on simplicity in a complex market
Old Mutual taps external talent for new business leaders<\/p>\n
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\u201cWe expect the listing to generate interest from both local and international investors over time,\u201d Old Mutual, said in an emailed response to questions. \u201cThe counter will trade in USD, which supports clearer valuation and also results in lower foreign currency risk, which are critical factors for international investors.\u201d<\/p>\n
The VFEX, formed the same year Old Mutual was suspended, surpassed the 132-year-old Harare-based ZSE in market value in March, after tycoon Strive Masiyiwa moved telecommunications infrastructure firm Econet InfraCo to the platform at a $1 billion valuation.<\/p>\n
Old Mutual share price\u00a0<\/p>\n
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The bourse has so far had one delisting this year \u2013 hospitality group African Sun \u2013 and may soon have another.<\/p>\n
Retailer Edgars Stores, which moved to the VFEX in 2024 after 50 years on the ZSE, plans to delist next month, citing the expansion of Zimbabwe\u2019s informal economy and the costs and obligations of maintaining a listing.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Mutual #returns #Zimbabwe #market #years<\/p>\n","protected":false},"excerpt":{"rendered":"
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