Old Mutual Limited has resolved to migrate its secondary listing in Zimbabwe from the Zimbabwe Stock Exchange (ZSE) to the Victoria Falls Stock Exchange (VFEX), subject to regulatory approvals, in a move aimed at resolving the prolonged suspension of trading in its shares on the ZSE.
The suspension dates back to June 2020 when the Government of Zimbabwe halted trading on the ZSE, including Old Mutual shares, to address market instability and concerns around an implied exchange rate. While the ZSE resumed operations in August 2020, Old Mutual remained suspended. Since then the company has engaged government, regulators and both exchanges to find a solution, and the company has concluded that the VFEX has now developed sufficient scale and liquidity to provide a viable alternative trading platform.
In support of the decision, the company highlighted the VFEX’s rapid growth in recent years. Average annual turnover per issuer on the VFEX increased from USD0.3 million in 2021 to USD7.0 million in 2025, surpassing the ZSE average over the last two years. Aggregate VFEX turnover reached USD111.1 million in 2025 and is expected to match or exceed the ZSE’s USD196.1 million within the next two years. Average securities traded per issuer on the VFEX also rose sharply to 96.1 million in 2025, compared to 67.7 million on the ZSE. The exchange now hosts 19 listed counters, up from just one in 2020, with 15 on the main equity board. In addition, all trading and settlement on the VFEX is conducted in US dollars, which reduces currency risk for investors. To ease the migration, the ZSE and VFEX, with regulatory support, have issued Joint Practice Notes to streamline procedures and limit disruption to shareholders.
For Old Mutual’s Zimbabwean shareholders, the Migration will restore the ability to trade shares, receive dividends, participate in corporate actions, and benefit from market pricing. Trading on the VFEX will run daily from 09:30 to 13:00 Zimbabwean time on a T+2 settlement cycle, with all transactions quoted and settled in USD. Shareholders will access the market through authorised VFEX brokers, custodians or the VFEX Direct platform. The opening price on the first day of trading will be determined by the market through bid and offer matching without price limits, with normal 20% daily trading limits applying from the second day. The VFEX also currently offers certain tax advantages compared to the ZSE, and shareholders have been advised to seek independent tax advice.
Old Mutual cautioned that while the Migration reinstates trading, it does not guarantee that share prices will correlate with those on the ZSE or Johannesburg Stock Exchange, nor that there will be sufficient liquidity at desired price levels. The company also noted that the regulatory and legal framework in Zimbabwe could change over time.
The Migration remains subject to VFEX approval and the necessary dispensations under the Joint Practice Notes. If granted, Old Mutual will not be required to issue a pre-listing statement or obtain shareholder approval for the delisting from the ZSE and listing on the VFEX. The company will announce when all conditions have been met and when trading will commence. Importantly, the Migration will have no impact on Old Mutual’s business or management, including its Zimbabwe operations conducted through Old Mutual Zimbabwe Limited.
Old Mutual is a premium African financial services group operating in 12 countries, with more than 180 years of heritage in sub-Saharan Africa, providing a broad spectrum of financial solutions to retail and corporate customers.
