Old Mutual lists on VFEX

PHILLIMON MHLANGA IN VICTORIA FALLS

Old Mutual Limited on Friday listed on the Victoria Falls Stock Exchange (VFEX), as the financial services giant completed its migration from the Zimbabwe Stock Exchange (ZSE), Business Times can report.
The move is expected to deepen liquidity, attract foreign investment and reinforce confidence in the US dollar-denominated bourse.
The listing is among the most significant corporate migrations to the VFEX since its launch and underscores the exchange’s growing appeal as a platform for regional and international investors.
Speaking at the listing ceremony, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube described the migration as a major endorsement of the VFEX and its expanding role in developing Zimbabwe’s capital markets.
“We commend Old Mutual Limited for the confidence it has placed in the VFEX through this listing,” Professor Ncube said.
“This listing represents an important endorsement of the exchange in its role of growing Zimbabwe’s and the region’s capital markets. It demonstrates how the VFEX can serve as a strategic platform for companies seeking broader access to regional investment opportunities.”
Professor Ncube said the listing also highlighted Old Mutual’s enduring contribution to Zimbabwe’s economic development as one of the country’s largest institutional investors.
“Old Mutual has, over many years, mobilised long-term savings and channelled investment into productive sectors on behalf of policyholders and clients,” he said.
“Its investments have supported value chains across agriculture, mining, manufacturing and other strategic sectors of the economy. Today’s listing builds on that legacy and marks the beginning of a new chapter in Zimbabwe’s capital markets, consistent with the company’s commitment to economic development and financial market deepening.”

Old Mutual Africa Regions chief executive Clemence Chinaka said the migration reflected the group’s confidence in the maturity and growing relevance of the VFEX.
“Today marks a significant milestone in Old Mutual’s journey within Zimbabwe’s capital markets,” Chinaka said.
“Our decision to migrate reflects our confidence in the current position of the VFEX as an increasingly important platform for mobilising investment, supporting capital formation and creating long-term value for investors and the broader economy.”
He said the company had engaged extensively with the Government, the Zimbabwe Stock Exchange and other market stakeholders following the suspension of trading in Old Mutual shares and had explored several alternatives before settling on the VFEX.
“During this period, we closely monitored the growth and development of the VFEX as one of the solutions under consideration. Having now developed sufficient scale and liquidity as a viable alternative trading platform, the Old Mutual Limited Board approved the migration to the Victoria Falls Stock Exchange,” Chinaka said.
He said strong and trusted capital markets were fundamental to sustainable economic growth across Africa.
“Capital markets mobilise investment, support enterprise, create jobs and connect savings with productive opportunities. As an insurer, issuer and long-term institutional investor, Old Mutual has a direct interest in markets that are trusted, resilient and capable of supporting long-term value creation,” he said.
“Our migration to the VFEX reflects our commitment to supporting stronger, more connected African capital markets that mobilise investment, strengthen regional integration and contribute to sustainable economic growth.”
Reaffirming the group’s commitment to Zimbabwe, Chinaka said Old Mutual’s long-standing philosophy remained unchanged.
“We have always said that what is good for our communities is good for Old Mutual. In this case, what is good for Zimbabwe is good for Old Mutual,” he said.
Chinaka thanked the Ministry of Finance, the Securities and Exchange Commission of Zimbabwe, the VFEX, the Zimbabwe Stock Exchange, shareholders, customers, employees and other stakeholders for supporting the migration.
“As we look to the future, we do so with confidence, confidence in the continued development of Zimbabwe’s capital markets and confidence in what can be achieved when we work together. Old Mutual remains committed to playing its part in strengthening Zimbabwe’s capital markets and creating sustainable long-term value,” he said.