* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Monday, September 29, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Jussie Smollett Claims He Was ‘Disrespected’ on the ‘Special Forces’ Season Premiere – Yahoo

    Jussie Smollett Opens Up About Feeling ‘Disrespected’ During the ‘Special Forces’ Season Premiere

    TicketSmarter Fall Entertainment Guide – Eastern Illinois University Athletics

    TicketSmarter Fall Entertainment Guide – Eastern Illinois University Athletics

    Cardi B Adds More Dates to Little Miss Drama Tour: ‘Y’all Making Me Work’ – Yahoo

    Cardi B Extends Little Miss Drama Tour: “Y’all Making Me Work

    ‘Today’: Sheinelle Jones Thanks Katie Couric for Support After Husband’s Death – CBS 19 News

    Sheinelle Jones Expresses Heartfelt Thanks to Katie Couric for Support After Husband’s Passing

    Sate your hunger at DBA’s Taste of Downtown – Bakersfield.com

    Indulge Your Cravings at DBA’s Taste of Downtown!

    Caesars Entertainment (CZR): Assessing Valuation After Times Square Casino Setback and Mounting Investor Concerns – simplywall.st

    Caesars Entertainment Faces Times Square Casino Hurdles as Investor Concerns Mount

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Why I gave the world wide web away for free | Tim Berners-Lee – The Guardian

    Why I Decided to Make the World Wide Web Free for Everyone | Tim Berners-Lee

    From shale to steam: Fossil fuel technology boosts clean geothermal energy – Washington Examiner

    From Shale to Steam: How Fossil Fuel Technology is Powering a Clean Geothermal Energy Revolution

    How Sustainable Technology is Shaping a Greener Future – Technology Magazine

    How Sustainable Technology is Driving the Revolution Toward a Greener Future

    Aurora police hope to add facial recognition technology to crime-fighting tools – CBS News

    Aurora Police Aim to Boost Crime-Fighting with New Facial Recognition Technology

    Autonomous Solutions shows off cutting-edge technology for the public – Cache Valley Daily

    Autonomous Solutions Unveils Cutting-Edge Technology for the Public

    Amazon to Pay $2.5 Billion in Prime Membership Settlement – The New York Times

    Amazon to Pay $2.5 Billion in Prime Membership Settlement – The New York Times

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Jussie Smollett Claims He Was ‘Disrespected’ on the ‘Special Forces’ Season Premiere – Yahoo

    Jussie Smollett Opens Up About Feeling ‘Disrespected’ During the ‘Special Forces’ Season Premiere

    TicketSmarter Fall Entertainment Guide – Eastern Illinois University Athletics

    TicketSmarter Fall Entertainment Guide – Eastern Illinois University Athletics

    Cardi B Adds More Dates to Little Miss Drama Tour: ‘Y’all Making Me Work’ – Yahoo

    Cardi B Extends Little Miss Drama Tour: “Y’all Making Me Work

    ‘Today’: Sheinelle Jones Thanks Katie Couric for Support After Husband’s Death – CBS 19 News

    Sheinelle Jones Expresses Heartfelt Thanks to Katie Couric for Support After Husband’s Passing

    Sate your hunger at DBA’s Taste of Downtown – Bakersfield.com

    Indulge Your Cravings at DBA’s Taste of Downtown!

    Caesars Entertainment (CZR): Assessing Valuation After Times Square Casino Setback and Mounting Investor Concerns – simplywall.st

    Caesars Entertainment Faces Times Square Casino Hurdles as Investor Concerns Mount

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Why I gave the world wide web away for free | Tim Berners-Lee – The Guardian

    Why I Decided to Make the World Wide Web Free for Everyone | Tim Berners-Lee

    From shale to steam: Fossil fuel technology boosts clean geothermal energy – Washington Examiner

    From Shale to Steam: How Fossil Fuel Technology is Powering a Clean Geothermal Energy Revolution

    How Sustainable Technology is Shaping a Greener Future – Technology Magazine

    How Sustainable Technology is Driving the Revolution Toward a Greener Future

    Aurora police hope to add facial recognition technology to crime-fighting tools – CBS News

    Aurora Police Aim to Boost Crime-Fighting with New Facial Recognition Technology

    Autonomous Solutions shows off cutting-edge technology for the public – Cache Valley Daily

    Autonomous Solutions Unveils Cutting-Edge Technology for the Public

    Amazon to Pay $2.5 Billion in Prime Membership Settlement – The New York Times

    Amazon to Pay $2.5 Billion in Prime Membership Settlement – The New York Times

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

Old Mutual proposes exit plan for frozen Zimbabwean shares

June 24, 2024
in Business
Old Mutual proposes exit plan for frozen Zimbabwean shares
Share on FacebookShare on Twitter

Old Mutual Ltd. is considering a proposal to allow Zimbabwean shareholders to sell their frozen shares, providing a long-awaited relief for the 30,000 affected investors. The shares, suspended since June 2020 due to their role in exacerbating Zimbabwe’s currency crisis, could soon be sold on Johannesburg’s stock exchange under a plan initiated by Zimbabwean authorities. This move aims to alleviate the financial strain on pensioners and other stakeholders while navigating complex exchange-control rules. Old Mutual is working closely with authorities to ensure a commercially viable solution that respects the interests of all shareholders.

Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.

By Ray Ndlovu

Old Mutual Ltd. is studying a proposal to give holders of its Zimbabwean stock an option to sell, allowing them to get paid out for shares that have been suspended for four years.

Under the plan, Zimbabwean investors would get a one-time opportunity to sell the shares on Johannesburg’s stock exchange, according to Shelton Sibanda, chairman of the Fund Managers Association of Zimbabwe. 

Authorities froze the shares in June 2020, complaining that trading in the South African insurer’s stock was contributing to a local currency crisis. 

Businesses were using Old Mutual’s cross-listings in London, Johannesburg and Harare as a proxy to calculate the true cost of goods and services as inflation spiraled and the Zimbabwe dollar crashed. The insurer said this week that Zimbabwean authorities approached it in April with the share-sale plan.

Read more: SA court upholds rights of Zimbabwean nationals in permit ruling

Africa’s biggest insurer by assets is “engaging” with authorities “to clarify the practical aspects of their proposal to achieve an outcome that is commercially viable and respects the interests of our shareholders in Zimbabwe,” Old Mutual said in an emailed response to questions. 

Old Mutual has about 30,000 Zimbabwean shareholders, including pension funds, property companies, banks and retail investors. Besides insurance, the company provides banking services through the Central African Building Society Ltd. and is one of the largest property owners in the country.

The Zimbabwean Old Mutual shares would be transferred to the Johannesburg-traded register and funds from their sale repatriated in line with exchange-control rules, Sibanda said. 

“It’s not the best solution, but it’s a compromise to also help pensioners, who are suffering as a result,” he said by phone Thursday. 

Zimbabwe’s Secretary for Finance and Economic Development, George Guvamatanga, didn’t immediately respond to calls to his mobile phone or questions sent to him about the proposal.

Read more: Zimbabwe cracks down on informal market, good news for bankers

The southern African nation’s long-running currency crisis reached a tipping point four years ago, when authorities blamed trading in Old Mutual shares for undermining the Zimbabwean dollar. Businesses developed a measure known as the “Old Mutual Implied Rate,” or OMIR, calculated from the Harare share price relative to the levels on foreign stock exchanges, to use in transactions.

Old Mutual has always denied any wrongdoing. 

Its shares traded 1.3% higher by 1:33 p.m. in Johannesburg Friday. They’ve slipped 6.1% this year, compared with the 4.7% gain in South Africa’s main equity index.

Once the largest and most sought-after security on the Zimbabwe Stock Exchange, these Old Mutual shares have become effectively worthless because of the suspension, according to Lloyd Mlotshwa, head of research at Harare brokerage IH Securities.

“It is not tradable and at this point we cannot unlock any value,” he said. “It represents dead capital to the holder, which is unfortunate.”

Read also

DE BEER: The GNU – Racism, Factionalism & Power
Funding MK, Fighting the GNU… Russia’s Strategy for SA – Irina Filatova
Ramaphosa calls for rapid reforms in new unity government

© 2024 Bloomberg L.P.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : BizNews – https://www.biznews.com/africa/2024/06/24/old-mutual-exit-zimbabwean-shares

Tags: businessMutualproposes
Previous Post

Kylie Jenner dazzles in sequined corset and veil at Schiaparelli fashion show

Next Post

The AI hype: Moats, gorillas, and market mania – Sean Peche

Neighborhood Ecology Corps – RaleighNC.gov

Uncover How the Neighborhood Ecology Corps is Transforming Raleigh

September 28, 2025
A chemistry teacher’s approach to chocolate making: Meet Maram the STEM chocolatier – The Advocate

A chemistry teacher’s approach to chocolate making: Meet Maram the STEM chocolatier – The Advocate

September 28, 2025
The right stuff: New cohort of astronauts recruited by NASA – Digital Journal

The right stuff: New cohort of astronauts recruited by NASA – Digital Journal

September 28, 2025
‘Fallapalooza’ encourages active lifestyle for senior safety – WVIR

Fallapalooza Ignites Senior Spirit for Active and Safe Living

September 28, 2025
Why I gave the world wide web away for free | Tim Berners-Lee – The Guardian

Why I Decided to Make the World Wide Web Free for Everyone | Tim Berners-Lee

September 28, 2025
While chasing DK Metcalf, Isaiah Rodgers reached unprecedented speed – Yahoo Sports

Isaiah Rodgers Hits Unbelievable Top Speed While Chasing Down DK Metcalf

September 28, 2025
Poland bounce back with first ever World Championship bronze – Volleyball World

Poland Triumphs with Historic First-Ever World Championship Bronze in Volleyball

September 28, 2025

Russian Economy Struggles Under Growing Strain of Ukraine Conflict

September 28, 2025
Jussie Smollett Claims He Was ‘Disrespected’ on the ‘Special Forces’ Season Premiere – Yahoo

Jussie Smollett Opens Up About Feeling ‘Disrespected’ During the ‘Special Forces’ Season Premiere

September 28, 2025
Tom Holland shares health update after suffering concussion on ‘Spider-Man: Brand New Day’ set – New York Post

Tom Holland Opens Up About His Recovery After Concussion on ‘Spider-Man: Brand New Day’ Set

September 28, 2025

Categories

Archives

September 2025
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
2930  
« Aug    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (842)
  • Economy (862)
  • Entertainment (21,736)
  • General (17,298)
  • Health (9,905)
  • Lifestyle (875)
  • News (22,149)
  • People (864)
  • Politics (872)
  • Science (16,072)
  • Sports (21,362)
  • Technology (15,845)
  • World (844)

Recent News

Neighborhood Ecology Corps – RaleighNC.gov

Uncover How the Neighborhood Ecology Corps is Transforming Raleigh

September 28, 2025
A chemistry teacher’s approach to chocolate making: Meet Maram the STEM chocolatier – The Advocate

A chemistry teacher’s approach to chocolate making: Meet Maram the STEM chocolatier – The Advocate

September 28, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version