Minister for Finance Mthuli Ncube has extended the suspension of Old Mutual and PPC Limited from the Zimbabwe Stock Exchange (ZSE) by another year.
“Now, THEREFORE, I, Hon. Professor M. Ncube, 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, of 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 (ZSE) – (i) Old Mutual Limited; (ii) PPC Limited,”Mthuli Ncube, Government Gazette Friday 12th of March 2021 (The Herald)
The allegations against Old Mutual are that the financial services company’s stocks were being used as a means of funnelling investments (foreign currency) out of the country.
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Old Mutual was not the only company to be suspended. Seed Co International and PPC Zimbabwe (cement manufacturer) were also brushed aside by Mthuli Ncube on the same charges.
The ban has affected the three companies, however, they are all listed on other international exchanges. Old Mutual for example is listed on the London and Johannesburg Stock Exchanges. While PPC is on the Botswana Stock Exchange and PPC on the Johannesburg Stock Exchange.
Until 2022 or whenever the audit report is reviewed by the government, Old Mutual and PPC’s stocks remain suspended. This means that they can’t be bought or sold on foreign markets as per the allegations of redirecting the flow of forex.