Old Mutual Moves Zimbabwe Listing from ZSE to VFEX

In Short

Old Mutual plans to move its Zimbabwe secondary listing from the Zimbabwe Stock Exchange, ZSE, to the Victoria Falls Stock Exchange, VFEX. The goal is to end a long trading suspension and lower currency risk.

What Happened

Old Mutual said it will migrate its secondary listing in Zimbabwe from the ZSE to the VFEX, subject to regulatory approvals. A secondary listing is when a company’s shares trade on an additional exchange, outside its main market.

The move follows a Zimbabwe government directive in June 2020 that suspended trading on the ZSE. Trading later resumed, but Old Mutual shares remained suspended, and the company said it was not responsible for that ongoing block.

Old Mutual said it has spent years engaging the government and regulators and proposing ways to restart trading on the ZSE. Over time, it also tracked the growth of the VFEX as an alternative market.

The company’s board now believes the VFEX has enough liquidity, meaning enough buyers and sellers for regular trading, to support the switch. It pointed to VFEX turnover per issuer rising from about USD0.3 million in 2021 to USD7.0 million in 2025, and average volumes per issuer rising to 96.1 million securities in 2025.

Why It Matters

For shareholders on Old Mutual’s Zimbabwe register, the migration could restore basic market access. That includes the ability to trade shares again, continue holding them, receive dividends when declared, and participate in corporate actions like offers or reorganisations.

Old Mutual also highlighted the VFEX’s structure as a USD-denominated exchange. That means trading and settlement happen in US dollars, which can reduce currency risk compared with local currency exposure.

More broadly, the move is another signal that Zimbabwe’s VFEX is becoming a more viable venue for cross-listed regional companies. Old Mutual said both the ZSE and VFEX have introduced joint practice notes to simplify the migration process and reduce disruption for investors.