Re-listing Of Old Mutual, PPC On ZSE Expected Soon
The Chief Executive Officer (CEO) of the Zimbabwe Stock Exchange (ZSE), Justin Bgoni has said the re-listing of Old Mutual and PPC on the ZSE is expected soon.
He made the remarks while addressing participants at the 2021 edition of the Zimbabwe Financial Markets Indaba.
The government last year banned the movement of PPC and Old Mutual shares across borders claiming that this fueled currency speculation.
Financial services giant, Old Mutual and cement producer PPC which were trading in Zimbabwe and South Africa were suspended alongside agro-technology concern SeedCo, which was trading its stock on the Botswana Stock Exchange and given the option to list on Victoria Falls Stock Exchange, which began trading in October.
ZSE speaks barely two months after Finance and Economic Development Minister Mthuli Ncube extended the suspension of the fungibility of Old Mutual and PPC Limited stock by an additional 12 months.
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Pressure on finalisation of the matter continues to mount on the government as several fund managers bemoan over seven months since the shares have been suspended without any tangible steps to make the shares liquid.
The Insurance and Pensions Commission recently added its voice on the matter saying the suspension of Old Mutual and PPC shares affected asset value.
Investopedia describes Fungibility as the ability of a good or asset to be interchanged with other individual goods or assets of the same type. Fungible assets simplify the exchange and trade processes, as fungibility implies equal value between the assets. For instance, specific grades of commodities, such as No. 2 yellow corn, are fungible because no matter where the corn was grown, all corn designated as No. 2 yellow corn is worth the same amount.
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