HARARE – Financial services group Old Mutual Limited is set to migrate its Zimbabwe secondary listing from the Zimbabwe Stock Exchange to the Victoria Falls Stock Exchange (VFEX), a move that will allow local shareholders to resume trading after a six-year suspension.
The proposed migration marks the end of one of Zimbabwe’s longest-running capital market disruptions, with Old Mutual shares having remained suspended from trading on the Zimbabwe Stock Exchange since June 2020.
The suspension followed government intervention in Zimbabwe’s equity market after authorities temporarily halted trading on the ZSE, arguing that certain dual-listed counters were contributing to instability in the foreign exchange market.
At the centre of the dispute was the Old Mutual Implied Rate (OMIR), an unofficial exchange rate derived from the price differential between Old Mutual shares listed in Harare and Johannesburg. Although investors and financial markets widely used the implied rate as a benchmark for determining the market value of the Zimbabwe dollar, Old Mutual itself neither calculated nor controlled the exchange rate mechanism.
According to the company, the past six years have been characterised by continuous engagement with government, financial regulators and the country’s stock exchanges in an effort to restore trading for Zimbabwean investors.
In a statement announcing the proposed migration, Old Mutual said the Victoria Falls Stock Exchange has matured sufficiently to provide a credible alternative listing venue.
The company noted that the US dollar-denominated exchange has developed greater market depth, improved liquidity and expanded investor participation since its establishment, making it an appropriate platform for the resumption of trading by Zimbabwean shareholders.
The development was first reported by newZWire, which highlighted the significance of the move for both investors and Zimbabwe’s capital markets.
Subject to regulatory approval, the migration will enable Zimbabwean shareholders to buy and sell Old Mutual shares once again after years of being unable to access liquidity from one of the country’s largest listed financial institutions.
The company said investors would also continue receiving dividends while benefiting from trading on a United States dollar-denominated exchange, reducing exposure to local currency volatility.
The VFEX also offers several incentives designed to attract investors, including favourable tax treatment, foreign currency settlement and unrestricted capital repatriation for qualifying investors.
The proposed migration also reflects the growing prominence of the Victoria Falls Stock Exchange within Zimbabwe’s financial markets.
Since launching in 2020, the exchange has positioned itself as Zimbabwe’s international financial market, targeting foreign investment through US dollar-denominated securities and a more liberal regulatory framework than the domestic Zimbabwe Stock Exchange.
According to figures released by Old Mutual, average annual turnover per listed company on the VFEX has increased dramatically from approximately US$300,000 in 2021 to around US$7 million in 2025, illustrating the exchange’s rapid growth in liquidity and market activity.
Market analysts say Old Mutual’s proposed transfer represents an important milestone in the development of the VFEX. As one of Africa’s largest financial services companies with operations across multiple countries, the group’s presence could significantly enhance the exchange’s profile among regional and international investors.
The migration also carries broader implications for Zimbabwe’s capital markets. Old Mutual has historically been regarded as one of the country’s most influential listed companies, with its shares widely held by pension funds, insurance companies, institutional investors and retail shareholders.
Restoring liquidity to the counter is expected to improve investor confidence while strengthening overall activity on the Victoria Falls Stock Exchange.
For Zimbabwe’s financial markets, the proposed move also signals the continued evolution of the country’s dual-exchange system. While the Zimbabwe Stock Exchange remains the primary domestic equity market, the VFEX is increasingly emerging as the preferred platform for companies seeking foreign currency trading, international investment and reduced currency risk.
If approved by regulators, Old Mutual’s migration will not only restore trading rights for thousands of Zimbabwean shareholders but also reinforce the Victoria Falls Stock Exchange’s ambition to become a regional financial centre and a gateway for international capital into Zimbabwe.
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