The ZSE will resume trading today following a month-long shutdown that was initiated by the government as it reportedly wanted to investigate illegal foreign currency dealings that were fueling the runaway rate, The Herald reports.
3 fungible counters namely PPC, Seedco International and Old Mutual will remain suspended till the government comes up with a plan to ensure the securities resume trading.
A joint statement issued by some of the securities suspended and ZSE reads in part:
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.
Zanu PF through its spokesperson Patrick Chinamasa is lobbying that Old Mutual be delisted from ZSE because of its fungibility.
More: The Herald