21 January 2018
   
Tsvangirai golden handshake confirmed
DisGrace sneaks out three luxury cars
ED cuts Bob Singapore crew from 38 to 22
Call for Diaspora Minister and MPs
ED so over confident it worries him
Priscilla demands coup ‘killings’ details
CBD maize roasting must end now: Min
Tsvangirai faces disgraceful exit: Judge
MORE NEWS
ZTA targets domestic tourism
SOE DEBATE: Privatise most parastatals
MORE BUSINESS
Delight as ZBC 'Iron Lady' suspended
Sulu arrested over $4,000 child support
MORE SHOWBIZ
Mapeza targets CAF CL group stages
Tendai Ndoro special - says Ajax coach
MORE SPORTS
Elections: Not a moment to be lost
A view beyond the Zimbabwe coup
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 
Stock market transformed into a company
21/07/2014 00:00:00
by The Source
 
 
RELATED STORIES

THE Zimbabwe Stock Exchange (ZSE) has been transformed into a company from a mutual society, opening the way for a public listing on the bourse it operates, finance minister Patrick Chinamasa said on Monday.

The ZSE has been owned and run by stock brokers since 1946, but after demutualisation the brokers hold 68 percent while the government owns the remaining shares.

Chinamasa said stockbrokers and the government would sell half their shares when the ZSE lists. He did not give a date for the listing, but an official from the local bourse said this should happen within three years.

"I am hoping and expecting that we can excite our banking sector, our pension funds, insurance companies to take up equity in the stock exchange and I hope the work starts now to try to sell that idea to them," Chinamasa said before signing the demutualisation agreement.

The ZSE, which has 65 listed companies, had a market capitalisation of $4.9 billion on Monday.

The main industrial index fell 7.7 percent during the first half of the year, in tandem with an economic slowdown. Foreign investors made up more than 55 percent of activity on the bourse, according to ZSE data.

Foreign fund managers are attracted to consumer-oriented firms such as mobile phone service provider Econet Wireless, brewer Delta Corp, and food retailer Innscor, which are all seen as well managed and with an expanding consumer base.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker