Zimbabwe stock market resumes trading

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The Zimbabwe Stock Exhange is set to resume trading today, more than a month after activity on the equity exchange was suspended.

Three dual listed entities will, however, remain suspended.

On Friday the ZSE issued separate joint statements with Old Mutual, SeedCo International and PPC limited telling shareholders that the three will not be available when trading resumes today.

As widely reported trading of dual listed firms, Old Mutual in particular, was linked to exchange rate instability leading to the suspension of trading across the entire stock exchange. While the stock exchange has now been allowed to resume trading, Old Mutual, PPC and Seedco International will have to wait a little longer as the parties are still to agree on the way forward.

“Further to the announcement by the Minister of Finance and Economic

Development on July 28, 2020 that investigations into the dealings on the Zimbabwe Stock Exchange Limited (“ZSE”) had been completed and that as a condition for the resumption of trading on the ZSE from August 3 2020, trading in, inter alia, the shares of Seed Co International Limited (“Seed Co International”) is to remain suspended, the ZSE and Seed Co International wish to notify the market as follows;“The press statement issued by the Minister of Finance and Economic Development noted that Seed Co International was not involved in any malpractice linked to the parallel foreign currency market.