HARARE – Zimbabwe has extended an offer to Old Mutual Ltd., aiming to resolve the status of shares that have been suspended since 2020. The South African insurer is currently in discussions with Zimbabwean authorities regarding the proposal.
By Ray Ndlovu
The plan, as outlined by Shelton Sibanda, chairman of the Fund Managers Association of Zimbabwe, would provide Zimbabwean investors with a one-time opportunity to sell their shares on Johannesburg’s stock exchange. This move is intended to allow investors to liquidate shares that have been in limbo due to the country’s prolonged currency and inflation crisis.
Old Mutual’s Zimbabwean shares have been frozen for four years, a situation stemming from economic instability that has severely impacted the financial market. The proposed plan seeks to offer a solution to investors who have been unable to access their funds during this period.
The proposal is still under consideration, with Old Mutual engaging in discussions to assess the viability and logistics of implementing this plan. If approved, it could provide much-needed relief to Zimbabwean investors and mark a significant step towards stabilizing the nation’s financial market.
Source: Bloomberg
