Old Mutual Zimbabwe has indicated a strong commitment to invest in the country after announcing an increase in shares of close to 2 million through a transfer from the London Stock Exchange and the Johannesburg Stock Exchange to the Zimbabwe Stock Exchange adding to its secondary listing announced in June this year.
The listed counter made a historic comeback on the Zimbabwe Stock Exchange through a secondary listing announced in June this year, signifying a broader group strategy to focus its business in Africa.
Through a corporate announcement on the ZSE website today, Old Mutual Zimbabwe stated that it had increased its shares by 1 870 299 achieved through a transfer from the London and Johannesburg Stock Exchange to the ZSE.
This move is largely viewed as a response to the huge appetite for the stock since its secondary listing in June this year as alluded by the company’s group Chief Executive Officer Mr Jonas Mushosho.
The firm is currently enjoying a fine run on the local bourse because of it fungibility status as a holding stock with expectations that this show of confidence to increase its shares on the local bourse will open further opportunities to foreign investor participation which has remained generally below 40 percent.
Foreign portfolio flows, from equity purchases by foreign investors, provide both liquidity and stability on the market which is positive for not only listed firms but the country at large.