Zimbabwe Stock Exchange-listed, Old Mutual Zimbabwe became the first counter to trade on the Alternative Trading Platform (ATP). Old Mutual listed 107, 847 of its B-Class shares on the ATP which was licensed by the Securities and Exchange Commission in September this year. The ATP is run by Financial securities (Finsec), a private company.
Simon Hammond, managing director of Old Mutual’s building society CABS said:
We want to broaden our market participation in trading of our shares to include individuals and institutional investors. We want to allow the market to determine the price discovery mechanism in trading of the shares.
It should increase the visibility of our OMZIL brand in the market by having the shares trading on a public platform rather than on an OTC (over the counter) and it keeps up with the international best practices in the electronic trading and settlement of financial security.
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