The Chief Executive Officer (CEO) of the Zimbabwe Stock Exchange (ZSE) Justin Bgoni said Old Mutual and PPC are expected to be listed on the ZSE soon.
He made the remarks when addressing attendees for the 2021 edition of Zimbabwe Financial Markets Indaba.
The government banned the cross-border transport of PPC and Old Mutual stocks last year, claiming it fueled currency speculation.
Financial services giant Old Mutual and cement maker PPC, which traded in Zimbabwe and South Africa, along with agro-tech company SeedCo, which traded its shares on the Botswana Stock Exchange, were suspended and given the option to list on the Victoria Falls Stock Exchange started trading in October.
ZSE speaks barely two months after Minister of Finance and Economic Development Mthuli Ncube extended the fungibility suspension on Old Mutual and PPC Limited shares for another 12 months.
Pressure continues to mount on the government to close the matter as several fund managers lament over seven months since the stocks were suspended without concrete steps to make the stocks liquid.
The Insurance and Pension Commission recently added their vote on the matter that the suspension of Old Mutual and PPC stocks is affecting the asset.
Investopedia describes fungibility as the ability of a good or asset to be exchanged for other individual goods or assets of the same type. Fungible assets simplify the exchange and trading process as fungibility implies the same value between the assets. For example, certain grades of raw material, such as # 2 yellow corn, are fungible because regardless of where the corn is grown, all of the # 2 yellow corn is worth the same amount.
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- SeedCo International’s suspension lifted by ZSE
More: Pindula News; NewZimbabwe