By Alois Vinga
FINANCE Minister, Mthuli Ncube has extended the suspension of PPC Limited and Old Mutual shares by a further 12 months.
In a notice published in the latest Government Gazette, the treasury boss renewed the suspension to end of March next year.
“In my capacity as an exchange control authority under Part V (Securities) of the Exchange Control Regulations, 1996 (Statutory Instrument 109 of 1996), hereby order the suspension, for a period of twelve months from the publication of this general notice ending on the 11th March, 2022.
“This includes every authority, directive or order granted by any exchange control authority allowing the fungibility of shares of the following companies listed on the Zimbabwe Stock Exchange, Old Mutual Limited and PPC Limited,” said Ncube.
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IN the face of weakening economic fundamentals in Zimbabwe, the Zimbabwe Stock Exchange (ZSE) has proved a safe haven for investors with the ZSE All Share Index surging 1046% in 2020. This has been carried over into 2021 as the local bourse sustained rallying momentum in the first week of February along with global shares, as the ZSE All Share Index edged 11,43% to close at an all-time-high of 4012,47 points. In 2021 so far, the market is up by over 55%, thanks to the second best January performance in a decade.
However, the past 24 months have seen no brand new listings of companies and an increase in the number of delistings. The pressures of Covid-19, the contraction of the economy by 4,1% in 2020, government interference with capital markets, high listing costs and a poor operating environment are some of the reasons ZSE listed firms have sought delisting. Furthermore, local companies have been pushed into amalgamations, unbundling and the pursuit of listings on alternative mark
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